What is Guaranteed Life Insurance?


Mar 6, 2014
What is Guaranteed Life Insurance?

guaranteed life insuranceYou may have heard the term “guaranteed life insurance cover” used by lots of life insurance companies over the years but what exactly does it mean?

Well it actually has two meanings. In the world of ‘whole of life insurance plans’, the word ‘guaranteed’ means that the policy is guaranteed to pay out a cash sum of money when you die. Quite simply you pay an agreed amount of money each month until you die and the whole life plan is guaranteed to pay out a lump sum of money when the time comes.  

Probably the more common use of the word ‘guaranteed’ is associated with over 50 life insurance plans, where you are guaranteed to be accepted regardless of your health or lifestyle. These over 50 plans offer a simple, straightforward, quick application process with few questions asked. The state of your health isn’t taken into account; as long as you are of eligible age your acceptance is guaranteed.  

The most popular guaranteed life insurance with no medical has to be the one provided by AXA Sun Life Direct, the UKs leading provider. Their Michael Parkinson advertising campaign has no doubt helped them dominate the market place but there are a number of other well known providers who offer similar plans such LV, Aviva, Legal & General and Engage Mutual.   

How do they work?
The guaranteed life insurance over 50 plan is very simple: you decide how much you can afford to pay each month (premiums typically start from around £7 a month) or the cash sum you require and then complete a simple application form which includes your name, address, date of birth, how much cover you would like and your bank details. There are no personal questions about your health and lifestyle and no medical required.
The one exception is that some life insurance companies ask whether you smoke. In this instance preferential rates are given to non smokers as people who smoke are defined as having a greater risk of dying.

Over 50 life insurance providers that offer different levels of cover for smokers and non smokers are:

•    Engage Mutual
•    Saga
•    Legal & General
Those who don’t include:
•    Aviva
•    Sun Life Direct
•    LV

Who is it for?

Over 50s life insurance with no medical is for anyone over the age of 50 who would like to leave a cash sum to family, perhaps to help with funeral costs, leave as a gift or pay off outstanding bills.

Also if you are in poor health or don’t like the thought of answering questions about your health or lifestyle, then guaranteed acceptance life insurance without a medical could be a more attractive option.

How do you Buy One?
You can go direct to one of the many providers’ websites that offer guaranteed life insurance plans or to a comparison site, such as Money Supermarket and Confused or the Over50choices website where you will also find a wealth of information to help you to make the right decision.

In Summary
Guaranteed life insurance with no medical is an affordable way to get valuable life insurance if you are perhaps not in good health or prefer not to answer health and lifestyle questions or complete a longer more personal questionnaire.


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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