Expertly compared by David Beard

Products Updated October 28, 2021

 

Guaranteed Life Insurance

If you are interested in guaranteed life insurance or would like to find out what cover options are available to you then our approved experts and providers can help.

 

8 providers expertly compared:

ActiveQuote

Provider
ActiveQuote

Products
Life Insurance

Speciality
Compares The Market

Rated 4.8/ 5

All credit types

Active Quote will compare the marketplace across 10 life insurance providers to find you the best deal that meets the needs of youself and your family. Finding the best deal from providers such as Zurich, VitalityLife and Royal London only takes a few minutes and policies can be purchased online.

8 providers expertly compared:

Available via broker only

Friends Life

Provider
Friends Life

Products
Life Insurance

Speciality
Life Insurance

Rated 4.7/ 5

All credit types

Friends Life is now part of the Aviva Group. Get the cover you need to protect your family and loved ones when you're no longer around.

8 providers expertly compared:

Available via broker only

Zurich

Provider
Zurich Life Insurance

Products
Life Insurance

Speciality
Life Insurance

Rated 4.2/ 5

All credit types

Zurich Life Insurance will pay out a cash sum if you die during the term of the policy, or if you are diagnosed with a terminal illness and are expected to live for less than 12 months. Plans can be tailored with optional extras to suit your individual requirements and to provide added peace of mind.

8 providers expertly compared:

Learn More Available via broker only

Vitality

Provider
Vitality

Products
Life Insurance

Speciality

Rated 4.6/ 5

All credit types

If the worst should happen, or you can’t work because of illness or injury, Vitality Life's 5-star Defaqto award-winning range of protection products will give you or your family payments to make things easier.

8 providers expertly compared:

Available via broker only

Legal & General

Provider
Legal & General

Products
Life Insurance

Speciality
Life Insurance

Rated 4.6/ 5

All credit types

Life cover or life assurance helps you to financially protect the future of your loved ones. Life Insurance from Legal and General offers reassurance that your loved ones or family will still be looked after financially should the worst happen.

8 providers expertly compared:

Available via broker only

LV

Provider
Liverpool Victoria

Products
Life Insurance

Speciality
Life Insurance

Rated 4.5/ 5

All credit types

Life insurance from Liverpool Victoria will pay a lump sum should the worst happen, so you will have peace of mind that your family and loved ones will be financially protected when you’re no longer here. Even superheroes need protection.

8 providers expertly compared:

Available via broker only

Royal London

Provider
Royal London

Products
Life Insurance

Speciality
Life Insurance

Rated 4.5/ 5

All credit types

With a policy in place with Royal London , you can leave money to your loved ones when you pass away, to help protect your family financially. Get a free quote or apply online.

8 providers expertly compared:

Available via broker only

Ageon

Provider
Ageon Life Insurance

Products
Life Insurance

Speciality
Life Insurance

Rated 4.6/ 5

All credit types

Ageon is here to help you reach your goals at every stage of your life. Part of that involves putting plans in place to adequately protect and insure you against the unexpected things in life.

Read our customer and visitor reviews for this product:

Rating: 5 / 5 with 1 votes

No issues using this service.

by ANOM

I've used ActiveQuote before and find the whole process simple and they do as promised.

Apply for Guaranteed Life Insurance Cover With Lending Expert!

If you’re looking for guaranteed life insurance then look no further than Lending Expert! Our team of approved life insurance experts can help provide you with the best advice. Get started today!

 

Key Points

  • Guaranteed life insurance is sometimes known as ‘no questions asked life insurance’. 
  • You cannot be refused cover with a guaranteed life insurance policy.
  • Your loved ones will either receive a lump sum, or monthly payments.
  • Most lenders will have a minimum term of between 24 and 36 months.

 

What Is Guaranteed Life Insurance?

Guaranteed life insurance is a type of life insurance policy where you cannot be refused cover. It has a set limitation period for benefit claims. In most cases, if you were to die within that agreed term time, your family would receive a payout of the premiums you paid, unless you died as a result of an accident.

Before taking out any kind of life insurance, we would always recommend talking to a professional about your options. You can chat to our expert advisors at Lending Expert to find the best life insurance policy for you. 

 

How Does Guaranteed Life Insurance Work?

Guaranteed life insurance works by paying a regular premium to your lender. This maintains your guaranteed life insurance policy, so if you stop paying the premiums, you’ll use the money you’ve paid in so far. This is because if you default on payments, the policy won’t pay out on your death. 

Usually, you’ll be able to take out cover with immediate effect. This is often followed by a ‘cooling off’ period in which you can cancel the policy without losing any money. 

It’s important to note that many insurers won’t pay out the full amount if you die of ill health soon after taking out your policy. This is due to the lack of medical checks associated with guaranteed life insurance. 

 

What Type of Pay Out Will I Get With Guaranteed Life Insurance?

With guaranteed life insurance, your beneficiaries will either get a lump sum, or an income.

  • A lump sum – This is where your beneficiaries would receive the total amount in one go. This could help pay off your mortgage, or give the ones you leave behind a pot of money to live off.
  • An income – This is where your loved ones would be paid an amount monthly as a replacement for your wage which 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.

 

What Are the Advantages of Guaranteed Life Insurance?

Many people choose guaranteed life insurance over other types of life insurance, and it’s clear to see why! Here’s some of the many advantages of guaranteed life insurance:

  • No Medical Checks – you would be refused life insurance if you had a history of heart attacks or strokes, but with guaranteed life insurance this isn’t an issue.
  • No Lifestyle Questions – lifestyle choices like being a smoker won’t impact your premiums.
  • Guaranteed Payout – when you die, most policies pay out a fixed lump sum, as long as it isn’t within the first 12 or 24 months of cover. 
  • Fixed Premium Payments – for most guaranteed life insurance policies, you’ll pay a fixed rate premium that will stay the same throughout the policy term.

 

What Are the Disadvantages of Guaranteed Life Insurance?

There are some disadvantages to guaranteed life insurance policies, including:

  • Higher Premium Costs – as a result of the risk to the lender, guaranteed life insurance premiums are often much higher than those on standard life insurance policies.
  • Limited Payouts – many policies limit the payout you can leave to your loved ones, often at around £25,000.
  • Minimum Terms – if you die within a year or two of buying the policy, your loved ones will often receive the value of the premiums you’ve paid so far, rather than the full payout.

 

Does Guaranteed Life Insurance Always Pay Out?

If you die within the policy terms, guaranteed life insurance should always pay out. Most insurers will include a minimum term in the conditions. This means that if you died from ill-health before the minimum term was up, your loved ones would receive the amount you paid in premiums instead of the full payout.

This minimum term will differ between lenders, so it’s always important to fully check the terms you’re agreeing to. If you have any doubts, our expert advisors can help work through the best options for your situation.

 

Do I Need a Medical Exam To Take Out Guaranteed Life Insurance?

No, you don’t need a medical exam to take out guaranteed life insurance. This is why guaranteed life insurance is sometimes called ‘no questions asked life insurance’.

Guaranteed life insurance is often a popular choice for people who would otherwise struggle to get a life insurance policy, often due to pre-existing medical conditions. Not having to have a medical also makes the process of taking out life insurance much faster.

 

What Is the Maximum Age I Can Take Out Guaranteed Life Insurance?

The maximum age to take out a guaranteed life insurance policy varies between lenders, but it’s usually between 75 and 100. Most people are over 40 when they take out life insurance.

If you want some advice about applying for a guaranteed life insurance policy, our team of professionals at Lending Expert are here to help. Start your application today by getting in touch!

FAQ

With guaranteed acceptance life insurance you cannot be refused cover. It works in this way because there is a set limitation period for any benefit claim. However, in most cases if you were to die within that agreed term time the family would receive a pay out of the premiums paid unless you died as a result of an accident.

These alternative policies such as guaranteed acceptance life insurance have become available because not everyone is in good health or has a low risk occupation.

Guaranteed acceptance life insurance policy works with a guaranteed acceptance, no medical examination and limited, if any medical questions. This ensures the process is simple and quick so you can receive a pay out if happened to you, providing your death is not related to your current medical condition.

The policy pays out a guaranteed lump sum when you die, whenever that happens. There are limited, if any medical questions so acceptance is guaranteed.

With guaranteed acceptance you and your family are protected for the term time chosen by you. This will give you peace of mind so if the worst was to happen to you, your mortgage and any debts are covered meaning your family will not be left to struggle to meet monthly payments and left contemplating having to move home.

  • Guaranteed acceptance ensuring you have sufficient cover in place.
  • Fixed Benefit pay out amount
  • Terminal illness benefit, this would help should your circumstances change due to an illness. Taking pressure off your family.
  • Covers your bills, peace of mind to know that there is a safety net should the policy holder pass away.
  • A quick and easy process, so you can purchase the policy from the comfort of your own home.

  • No health questions- Giving you peace of mind if you were worried about a possible trip to the doctors in order to have an insurance policy.
  • Guaranteed premium rates that do not increase, this ensures that the policy holder is fully aware of how much the cover costs per month.
  • Continuous insurance cover for life, once you feel you have the relevant cover, you will not be required to go through that process again.
  • Simple and quick, acceptance guaranteed, this helps it to be a stress free process
  • No medical examination – This ensures the policy holder does not have to go through the stress and hassle that comes with having to visit the doctor which means cover can be purchased from the comfort of your own home
  • Cover that suits your needs- You will be well aware of what is covered and its specific needs
  • Affordable cover, this means you will have the relevant cover in place that suits your needs at a cost that also suits you.
  • Quick payout, this means that the cash benefit amount will be with your loved at a time when they need it most.

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