Compare guaranteed life insurance

Guaranteed life insurance is a form of whole-of-life insurance, which means that the policy provides coverage for the entire lifetime of the insured individual, as long as the premiums are paid.

One of the significant features of guaranteed life insurance is that it often requires no medical underwriting.

This means that the applicant does not need to undergo a medical examination or answer detailed health questions to qualify for the coverage.

As a result, it can be an option for individuals who may have health issues or pre-existing conditions that could make it difficult for them to obtain other types of life insurance.

Depending on the insurer, you could add guaranteed insurability to the following types of life insurance:

Level term: choose a set payout and pay premiums for a fixed term

Decreasing term: choose a payout that reduces each month until the end of a fixed term

Whole-of-life: choose a set payout that pays out whenever you die, with no fixed term

Anyone can make a claim on a life insurance policy, but to be entitled to the payout, they must be named as a beneficiary on the policy.

Usually, it’s the people closest to the person who dies who deal with any financial matters. If there are no surviving family members, it might be a close friend who starts the claim.

If you need to start a claim, find out which insurance company holds the life insurance policy, and then call them.

When you call to make a claim, the insurer will usually have trained staff to deal with your situation sympathetically, making it easier to start a claim soon after the policy holder’s death.