Provides your loved ones with a cash pay out if you pass away during the policy term.
Life insurance with no medical questions that guarantees a cash pay out to your loved ones.
Helps to replace a percentage of your income if you’re unable to work due to illness or injury.
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By: Rosie Ritchie
Protection Expert
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Guaranteed life insurance is a type of life insurance policy that offers guaranteed acceptance to UK residents aged 50 to 85.
You pay a monthly premium, and the policy provides lifelong cover, paying out a cash lump sum when you pass away.
Unlike some other types of life insurance, there are no medical questions when you apply.
This can make it a suitable option for people over 50 who may struggle to get ordinary cover due to their health.
Quick and simple application.
Simply provide a few details about yourself and the cover you need. You won’t need to answer any health or lifestyle questions - although some insurers may ask whether you smoke.
Cover up to £20,000.
You can choose a lump sum payment that best suits your needs and budget. The maximum amount of cover available will depend on the insurer and your personal circumstances.
Fixed premiums from £5 a month.
You’ll pay a monthly premium that never increases (known as a guaranteed premium), either until you pass away or until a specified age, such as 95.
Full cover starts after waiting period.
You’ll be covered for accidental death from the policy start date and fully covered for any cause of death after a waiting period of either 12 or 24 months (depending on the insurer).
Guaranteed pay out.
Once the full cover starts, the policy is guaranteed to pay out when you pass away. Your loved ones can use the pay out to help cover your funeral costs, clear unpaid debts, or anything they need.
You may need guaranteed life insurance if you’re unable to secure a standard life insurance policy due to your age or health.
Guaranteed acceptance life insurance starts from just £5 a month through Reassured.
The exact cost of your policy will depend on the insurer and your personal circumstances.
Your monthly life insurance premiums will be determined by:
In the table below we have provided some example monthly premium prices for guaranteed acceptance policies.
Quotes are based on a non-smoker securing a guaranteed pay out of £5,000:
Age |
|
|
|---|---|---|
50 | £17.74 | £15.00 |
55 | £20.16 | £18.00 |
60 | £22.37 | £20.00 |
65 | £27.41 | £25.00 |
70 | £35.96 | £35.00 |
75 | £50.37 | £51.00 |
80 | £69.08 | £75.00 |
85 | £74.00 | N/A |
The best guaranteed life insurance will depend on your individual needs and circumstances.
Comparing policies can help you find the most suitable option.
In the table below we’ve compared the main features and benefits of guaranteed over 50s life insurance from leading UK insurers.
|
|
|
|
|
|---|---|---|---|---|
Guaranteed acceptance age limits | 49 - 85 | 50 - 80 | 50 - 80 | 50 - 80 |
Maximum pay out amount | £18,000 | £20,000 | £10,000 | Not specified. Subject to your age and smoking status |
Waiting period before full cover starts | 12 months | 24 months | 24 months | 12 months |
Defaqto expert rating | 5/5 stars | 5/5 stars | N/A | 5/5 stars |
At Reassured, we can only provide quotes for guaranteed life insurance from SunLife and One Family. We can’t provide quotes for the other policies shown in the table.
While guaranteed life insurance has plenty of benefits, it’s also important to consider the potential drawbacks.
Here are the pros and cons to help you make an informed decision about this policy.
Guaranteed acceptance life insurance is available to UK residents aged 50 - 85, although the maximum age limit varies between different insurers.
This policy may be suitable for those in this age range who:
If none of the circumstances listed above apply to you, then you may consider whole of life insurance or term life insurance as possible alternatives.
Finding cheap guaranteed life insurance doesn’t necessarily mean choosing the lowest-priced policy.
The right cover should offer good value for money while providing enough financial protection for your loved ones.
Here’s how you could find a good deal:
Who offers guaranteed life insurance with no medical exam?
Life insurance companies that provide guaranteed life insurance with no medical exam include:
Is guaranteed life insurance worth it for seniors?
In many cases, guaranteed life insurance is worth it for seniors who’d like an affordable way to leave behind a cash lump sum for loved ones.
Particularly if you’re living with a serious medical condition or have a poor health record, as the application doesn’t include any medical questions.
As most other policies require your medical details, a guaranteed policy could offer an easy and low-cost solution to your financial protection needs.
On the other hand, guaranteed life insurance may not be worth it for seniors who are in good health.
In this circumstance, you may consider term life insurance or whole of life insurance as these options require medical underwriting and could offer better value.
Does guaranteed life insurance always pay out?
Yes, guaranteed life insurance will always pay out following a valid claim.
Your policy should pay out the full lump sum to your loved ones providing that:
If you pass away from a natural cause during the waiting period, your loved ones will receive a lump sum in the amount of all the premiums you’ve paid.
Guaranteed over 50s life insurance providers often pay out close to 100% of all valid claims, so you can be assured that your family will be protected when the time comes.
Can you write guaranteed life insurance in trust?
Yes, you can write a guaranteed over 50s life insurance policy in trust.
This is a legal process which places someone you trust in charge of your policy when you pass away and allows you to:
See our guide to life insurance in trust for more information.
Can you get guaranteed life insurance under 50?
No, it’s not possible to get guaranteed life insurance under 50.
Depending on your age and budget, alternative policies you may consider include term life insurance or whole of life insurance.
Term life insurance
Ideal for families and couples looking to help cover essential costs such as a mortgage, household bills, debts or family living expenses. Pays out a lump sum if you pass away during a set term, for example, 30 years.
Whole of life insurance
Provides a pay out when you pass away (not if). Often used to help cover funeral costs, debts, or family living costs, or to help cover inheritance tax (if written in trust).
What is guaranteed premium life insurance?
A guaranteed premium life insurance policy is where your monthly premium payments remain fixed throughout the policy term.
For example, if you take out over 50s life insurance with a guaranteed premium of £15 a month, this won’t increase as you get older or if you become unwell.
Most policies come with guaranteed premiums, but with some policies you can choose to have the premiums change every year (known as reviewable premiums).
7 min