What is guaranteed life insurance?

Guaranteed life insurance, or guaranteed acceptance life insurance, is a type of policy that’s designed for people over 50.

You pay a monthly premium, and it provides lifelong cover - guaranteeing a cash pay out to your loved ones when you pass away.

Unlike other types of life insurance, you don’t have to provide details about your health as there are no medical questions when you apply.

You’re guaranteed to be accepted by the insurer, making this an ideal option for people over 50 who’ve not been accepted for other types of cover due health factors.

Guaranteed over 50 life insurance UK from just 20p-a-day +

  • Free quotes from top UK insurers
  • Guaranteed acceptance for UK residents aged 50 - 85
  • Secure up to £20,000 for your loved ones
  • No medical questions or exam
  • Dedicated guaranteed over 50s life insurance experts

Find the right policy to suit your needs and budget by comparing over 50s life insurance with no medical through Reassured.

In this guide:

Compare Over 50 Guaranteed Life Insurance »

How does guaranteed life insurance work?

Guaranteed life insurance typically refers to an over 50s life insurance policy which guarantees acceptance if you’re aged between 50 and 85.

When you take out a policy, you’ll be covered for the rest of your life and a cash lump sum will be paid to your loved ones after you’re gone.

The money could be used to help cover your funeral costs, clear unpaid debts or bills, or as a cash gift for your children or grandchildren.

This is how a guaranteed life insurance policy works through Reassured:

Paperwork Application

No medical questions or exam. The application process is quick and simple, as you don’t have to provide any medical information or undergo an exam to be accepted.
Debts

Guaranteed pay out up to £20,000. Choose a lump sum payment that best suits your needs. It’s possible to secure up to £20,000 depending on your age, smoking status and budget.
Cost Money Quotes

Fixed premiums from £5 a month. You pay an affordable monthly premium that never increases (known as a guaranteed premium) until you pass away or for a specified term.
Singles Protection

Immediate accidental death cover. You’ll be covered for accidental death from the policy start date and fully covered for any cause of death after the waiting period (either 12 or 24 months depending on the insurer).
Funeral

Funeral benefit option. Choose if the proceeds of your policy are paid directly to a funeral provider when the time comes and receive a contribution towards your funeral costs.

Do I need guaranteed life insurance?

Many people choose to take out guaranteed life insurance as an affordable way to help cover their funeral costs. The average cost of a UK funeral is currently £4,141[1].

However, other reasons you may need to take out a guaranteed policy include:

  • To help pay off unpaid debts in your name, such as credit cards or personal loans
  • To contribute towards your partner’s living expenses
  • To provide a small inheritance which could be enjoyed by your children or grandchildren
  • To leave a donation to charity that’s close to your heart

Guaranteed life insurance for over 50s can offer a suitable alternative to standard types of cover if you have a pre-existing condition or other high-risk factors that would otherwise affect your eligibility.

How much guaranteed life insurance do I need?

Fill in the costs you would like your policy to cover and calculate how much guaranteed over 50 life insurance you may need.

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According to Uswitch, it’s estimated that 23,000 people in the UK will still be paying off their mortgage by age 75.

Although an over 50s plan can’t cover the full cost of a mortgage (as cover is capped at £20,000), it could help to contribute some funds towards keeping your family in their home.
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Research by Saga shows that nearly 6 million over 50s owe money on credit cards and loans, with average debt amongst this age group totalling £12,000.

Depending on your personal circumstances, an over 50s plan may not be able to cover all debts (as cover is capped at £20,000) but it could allow you to cover some debts in your name.
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SunLife’s Cost of Dying 2023 report found that the average cost of a basic funeral is £3,953, with the overall cost of dying totalling £9,200.

A pay out from life insurance can help to cover all or some of these costs.
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Age UK have found that many over 50s and 60s will be reliant on their pension to get by.

Life insurance can provide your partner with a helping hand on top of their pension.
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An inheritance can provide your loved ones with a cash gift to spend as they wish.

Alternatively, you could leave a portion of your pay out to a charity that’s close to your heart.
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If you already have a life insurance (or other financial protection) policy in place, and/or you have your own savings, factoring these into your sum assured could reduce the level of cover you require - helping you to save money.
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Your total cover estimate

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How much does guaranteed life insurance cost?

Guaranteed life insurance starts from just £5 a month through Reassured.

Although the exact cost will depend on the insurer and your personal circumstances.

Your monthly life insurance premiums will be determined by:

  • Your age
  • Your smoking status
  • Your chosen sum assured (cover amount)

With guaranteed life insurance you can amend the cover amount to suit your needs and budget, but the maximum limit is £20,000.

In the table below we have provided some example premium prices for guaranteed acceptance policies available through Reassured.

Quotes are based on a non-smoker securing a guaranteed pay out of £4,000:

Age SunLife logo OneFamily logo
50£13.75£12.00
55£15.48£14.00
60£17.35£16.00
65£20.67£20.00
70£27.36£27.00
75£38.75£39.00
80£53.54£65.00
85£72.29-x

xOne Family only provide cover up to age 80, therefore we can’t display pricing for this age

Before choosing a policy, it’s important to compare quotes. This is because the cost of guaranteed life insurance varies between different insurers.

At Reassured, we can provide free quotes for over 50 life insurance, which guarantees acceptance if you’re aged 50 - 85.

Make the most of our fee-free comparison service by getting in touch.

Compare Guaranteed Life Insurance for Seniors »

Which is the best guaranteed life insurance?

The best guaranteed life insurance will depend on your needs and circumstances. Comparing policies can help you find the best option for you.

In the table below we’ve compared guaranteed over 50 life insurance from leading UK insurers. This includes the main features that you should consider when choosing a policy.

SunLife logo OneFamily logo Co-op logo Aviva
Guaranteed acceptance age limits50 - 8550 - 8050 - 8050 - 80
Maximum pay out amount£18,000
depending on your age, smoking status and budget		£20,000
depending on your age, smoking status and budget		£10,000
depending on your age and budget		Not specified. Depends on your age and smoking status
Waiting period before full cover starts12 months24 months24 months12 months
Funeral benefit option & contributionYesYesNoNo
Fairer Finance expert rating4/5 stars4/5 stars4/5 stars3/5 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

At Reassured, we can compare over 50 life insurance quotes from highly rated providers, with prices starting from just £5 a month.

Get in touch with our award-winning team for your free, no-obligation quotes.

Who can take out guaranteed life insurance?

As mentioned, guaranteed acceptance life insurance is available to UK residents aged 50 - 85, although the maximum age limit varies between different insurers.

This type of policy can be an easy and affordable option for some people over 50 who may not be eligible for standard forms of life insurance.

It may be suitable for those who:

If none of the high-risk factors listed above apply to you, then you may consider whole of life (guaranteed pay out when you pass away) or term life insurance (pays out if you pass away during a set term) as possible options.

Why not compare multiple quotes through Reassured? Our experts will do their best to help you find your ideal policy.

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:

  • Determine who receives the pay out and when. For example, you could name your grandchildren as beneficiaries and instruct that they receive the funds at a certain age (for example, 18 or 21 years old)
  • Avoid or minimise 40% inheritance tax. UK estates valued over £325,000 are liable to pay inheritance tax, which is currently 40% above this threshold. Life insurance in trust can transfer the policy to a friend, family member or solicitor, and detach it from your estate so that it’s no longer subject to tax
  • Avoid the lengthy probate process for a faster pay out. After someone passes away, their estate (all their possessions, property and money) needs to go through probate. This includes any life policies. Probate can take many months to complete, however, if your policy is written in trust, it’s not considered part of your estate and your loved ones won’t have to wait for this process to end before receiving their pay out

This is a process that allows you to determine when they’ll receive the pay out, for example, when they reach a certain age (such as 18 or 21).

See our guide to life insurance in trust for more information, or get in touch with our dedicated over 50s life insurance team.

Guaranteed life insurance pros & cons

While there are plenty of benefits to guaranteed life insurance, it’s also important to consider the drawbacks.

Here are the pros and cons to help you decide if this could be the right policy for you:

PROs

  • Acceptance is guaranteed, even if you’ve been declined other types of life insurance in the past, have a medical condition (such as diabetes, heart disease or MS) or a family history of illness
  • You don’t have to answer any medical questions or attend a physical health check as part of the application process, making it quick and simple to arrange compared to standard types of cover
  • Benefit from peace of mind, knowing that your cover will stay in place no matter how long live (as long as you keep up with your monthly payments)
  • A pay out is guaranteed (after the initial waiting period), helping your family with the cost of your funeral or other essential costs when you pass away
  • Premiums can be affordable for any eligible applicant who takes out a policy (the very maximum premium cost is £75)

CONs

  • The sum assured (cover amount) is usually much lower than other types of life insurance, as the risk to the insurer is much higher
  • May not be the cheapest option for people who are in good health (term or whole of life insurance may offer a better deal depending on your personal circumstances)
  • There’s a chance you could pay more into the policy than what’s paid out eventually, depending on how long you live
  • You won’t be fully covered for all causes of death during the waiting period (the first 12 or 24 months of the policy depending on the insurer) - but if you pass away during this period, all premiums paid will be refunded

What is the difference between whole of life and guaranteed life insurance?

Whole of life insurance and guaranteed life insurance are two different types of cover, but both provide lifelong protection.

Here are the key differences between the two options:

FeatureWhole of life insuranceGuaranteed over 50 life insurance
Qualifying age limit18 - 8450 - 85
Sum assured (cover amount)Up to £1,000,000Up to £20,000
Guaranteed pay outYesYes (after the 12 or 24 month waiting period)
Guaranteed acceptanceNoYes
Application includes medical questionsYesNo
Fixed monthly premiumsYes, starting from £8 a month through Reassured ± Yes, starting from £5 a month through Reassured +


For applicants who are in good health, whole of life insurance could be more suitable than a guaranteed policy as the premiums might be cheaper.

For applicants who have pre-existing conditions, or other high-risk factors, over 50s might be cheaper, but the maximum amount of cover you can take out is much lower.

Here are some example premium prices for whole of life vs guaranteed life insurance, for a non-smoker taking out £4,000 of cover:

Age

Whole of lifeGuaranteed
50£8.87£12.00
60£10.64£16.00
70£14.90£27.00
80£25.61£53.54


Please note, the quotes for whole of life insurance are based on someone taking out a policy who’s in good overall health and doesn’t have a dangerous job or hobby.

Get your free personalised quotes through our FCA-regulated comparison service.

How to find cheap guaranteed life insurance UK

Comparing quotes from different insurers can help you to find the best possible deal.

At Reassured, we can compare guaranteed over 50 policies from some of the best UK insurers, sourcing you the lowest price we can offer.

Our team of experts are also on hand to answer any questions you may have, help fill in the application form and provide support along the way.

We don’t charge a fee for our broker service (rated ‘Excellent’ on Trustpilot) and there’s no-obligation to choose a policy through us.

Compare free guaranteed life insurance quotes today, prices start from just £5 a month.

Compare Guaranteed Life Insurance » No Medical Questions

Guaranteed life insurance FAQs

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:

  • You continued to pay your monthly premiums for the time frame specified in your policy
  • You pass away after the waiting period has ended (either the first 12 or 24 months of your policy)
  • You pass away from an accidental cause from the start of your policy

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 rest assured that your family will be protected when the time comes.

Can you get guaranteed life insurance under 50?

Yes, you can get guaranteed life insurance under 50, but the options are limited.

In the table below, we’ve provided a comparison of two guaranteed policies designed for people aged under 50.

Please note, Smart Insurance no longer offer guaranteed life insurance.

EsmiSmart Insurance
Guaranteed acceptance age18 - 5030 - 85
Maximum sum assuredUp to £100,000Up to £20,000
Whole of life coverNoYes (after the 12 or 24 month waiting period)
Guaranteed pay out for any cause of deathNoYes
Medical questions or examNoNo
Fixed premiumsYesYes
Waiting periodNo - immediate coverYes - 24 months

It’s important to note that the Esmi guaranteed policy is for term cover only (doesn’t provide a guaranteed pay out) and premiums aren’t fixed.

It also won’t pay out if you pass away of a pre-existing condition that’s affected you within 3 years of taking out the policy, despite having no medical questions during the application process.

Smart Insurance guaranteed life insurance was similar to guaranteed over 50s life insurance but was available to applicants from the age of 30.

At Reassured, we can only provide guaranteed life insurance for over 50s. We can also provide a range of other policies for people under 50.

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).

Over 50 life insurance through Reassured comes with guaranteed premiums, however, we can also offer reviewable premium policies.

Sources:

[1] https://www.sunlife.co.uk/funeral-costs/

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