Guaranteed life insurance

Guaranteed life insurance could help you plan ahead for the people you leave behind. Compare quotes for policies that could pay out a lump sum to take care of loved ones.

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What is a guaranteed life insurance policy?

It is a life insurance policy that gives you the option to increase your payout later in life.

Increasing your payout at a later date is called guaranteed insurability. If you opt to use it, you will not need to provide your medical information again.

Here is more information about life insurance

When can you increase your cover?

You can only increase your payout at specific times, which can differ depending on the insurer you choose.

Each insurer has a list of life events when you can increase your payout, such as:

  • Changing job, getting a promotion or retiring

  • Getting married or divorced

  • Becoming a parent

  • Moving home

  • Receiving a cash gift or inheritance

Most insurers only let you change your payout a set number of times, and limit the amount you can increase your payout to.

Warning: Increasing your payout will also increase your monthly premiums.

What policies does it come with?

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

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

  • Decreasing term: You choose a payout which reduces each month until the end of a fixed term.

  • Whole of life: You choose a set payout which pays out whenever you die, with no fixed term.

Work out which life insurance policy is right for you here

What is a life insurance policy?

A life insurance policy can pay out a cash lump sum if you were to die during the term of your policy.

You can apply for most life insurance policies as soon as you turn 18, but some providers may have more strict age restrictions.

When it comes to comparing life insurance policies, you will need to consider:

  • How much a policy will pay out

  • How long the policy term will last for

  • Who gets the payout if you die during the term

Who can claim?

Anyone can make a claim on a life insurance policy, but making a claim does not make you entitled to the payout. To be entitled to the payout, you would need to be named on the policy as a beneficiary.

Usually, it’s the people closest to the person who has died 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, then call them.

Life insurance companies do not generally outline a timescale, meaning you can start a claim after a few weeks or even longer if you need the time.

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 death.

What kind of payout do you want?

There are two types of payout, depending on the type of policy you choose:

A lump sum: This could help pay off your mortgage, or give the ones you leave behind a pot of money to live off.

An income: This could help your family pay their monthly bills, e.g. mortgage repayments or rent. However, the income usually stops at the end of the policy's term.

You only get a lump sum payment with a whole of life or an over 50s life insurance policy, but you could find both options with a term life insurance policy.

Which payout is best?

The best life insurance policy for you depends on your financial situation, your family and when you die.

For example, if you die a few months before your policy ends, an income is only paid for the remaining months on the policy. If you choose a lump sum payout, your loved ones will get the entire amount in one.

If you die early on during the policy, an income will pay out for the remaining years, giving support to your family. However, if you choose a lump sum, they get the entire payout as one payment, potentially offering them more in return for your premiums.

Guaranteed life insurance FAQs

The price is based on your age, how much cover you want, how long you want it for, and your medical history. Here is how to cut the cost of life insurance.

Only if your cause of death is covered in your policy, or you die during the term of the policy. Here is more on how life insurance works.

You may find it harder to get cover if you have any health issues. Get as many quotes as you can until you get accepted for the cover you want.

Yes, but you may find it cheaper to have one policy that gives you the exact cover you need.

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