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Best guaranteed acceptance life insurance

These policies are usually quick and easy to apply for but might not be suitable for everyone so be very careful

A photo of Daniel Sharpe-Szunko, the author

By Daniel Sharpe-Szunko

Published on: 22 May 2023

6 min read

Best guaranteed acceptance life insurance

Guaranteed acceptance life insurance is a type of life cover that can provide instant protection for your family. These policies are usually quick and easy to apply for but might not be suitable for everyone so be very careful.

You might have heard of guaranteed acceptance life insurance or you might be more familiar with policies like:

There are several different types of guaranteed acceptance life insurance that are available that are for a number of purposes. The most common type is Over 50s life insurance which is specifically designed for funeral planning and leaving a smaller amount behind for your family.

Note: It is our opinion that you should always look at traditional life insurance first before you think about guaranteed acceptance life insurance. A standard life insurance policy will often offer better value for money and will be more flexible.

In this article we look at the various types of guaranteed acceptance life insurance and the Pros and Cons to this type of cover.

What is guaranteed acceptance life insurance?

Simply, the difference between guaranteed acceptance life insurance and traditional life insurance is that you are guaranteed to be accepted.

This means that there is NO medical underwriting for these policies and there should be no reason for being declined or refused cover. There should also be no reason why your premiums might be increased because of your medical history.

The big difference will be the application process when you apply for guaranteed acceptance life insurance compared to traditional life insurance. The application forms for guaranteed acceptance life insurance will usually be only several questions compared to 30+ questions for standard life insurance (depending on your medical history).

Another key difference is that guaranteed acceptance life insurance is often guaranteed to pay out, whereas traditional life insurance might not pay out.

Different types of guaranteed acceptance life insurance

There are also a number of different types of guaranteed acceptance life insurance that you may or may not be familiar with. You will also see several high profile brands and some less common brands that offer guaranteed acceptance life insurance.

Types of guaranteed acceptance life insurance:

  • Over 50s life insurance is the most common type of guaranteed acceptance life insurance. This is thanks to high profile celebrities such as Michael Parkinson and Carole Vorderman TV advertising campaigns from Sun Life. This type of cover is available to people over 50 years of age. It usually offer limited levels of cover with a range of monthly premiums up to around £70
  • Funeral plans are almost identical to over 50s life insurance. These policies are specifically tied to the increasing costs of paying for your funeral. A funeral plan is usually guaranteed to pay for your funeral. Your plan would be tied to a specific funeral company or provider.

There are a number of funeral plan providers that you can buy these policies from. They tend to be expensive and not always cost-effective

  • Guaranteed life insurance is a newer type of guaranteed acceptance life insurance. The policies offer similar types of cover to over 50s life insurance to people under 50. These policies are often better for people with pre-existing medical conditions who can’t afford traditional life insurance. They are also better for people that simply don’t want to answer loads of medical questions
  • Personal accident insurance also often offers an element of accidental death cover that is a guaranteed acceptance life insurance. These will cover for amounts up to around £250,000 and can be useful for certain people who might be at risk of accidental death (e.g. motorcyclists, extreme sports, pre-existing conditions etc.)

Best guaranteed acceptance life insurance companies

There are several very common guaranteed acceptance life insurance companies or providers that you’ll probably already know. There are also a number of less common and less well-known guaranteed acceptance life insurance providers that you might see.

Over 50s life insurance companies

There are several other over 50s life insurance brands that you might see or might be familiar with. The ones listed above are the most common that we know about.

Guaranteed life insurance companies

  • ESMI
  • Hive Insurance
  • Smart Insurance

These policies tend to be available for customers aged from 18 years to 60+.

Accidental death life insurance companies

  • MetLife
  • Aviva

Why do I need guaranteed acceptance life insurance?

You don’t necessarily need guaranteed acceptance life insurance, but there might be several reasons for wanting to get this type of cover.

Getting life insurance is specifically designed to protect your family and your loved ones if you die. Life insurance pays out a lump sum that will cover things like mortgages or rent. It can be used to make sure that your children are financially secure in the event of the death of a parent.

Guaranteed acceptance life insurance is similar in that it can protect your family when you die and help them to pay for things like the cost of a funeral. It might be slightly different why you might want to take out this type of cover but the purpose is the same, to provide financial protection.

Guaranteed acceptance life insurance for pre-existing medical conditions

The most common reason for someone taking out a guaranteed acceptance life insurance is someone with a pre-existing medical condition.

There are several reasons why someone with a pre-existing medical condition might prefer guaranteed acceptance life insurance. This can also be the only option available to you if you’ve got certain medical issues or diagnoses.

It tends to be more suitable where a pre-existing medical condition is more severe or if there are outstanding investigations. A guaranteed acceptance policy will not look at your medical records and so can be a suitable alternative for some people.

Common medical conditions that are suitable for guaranteed acceptance life insurance:

Most medical conditions can be considered on traditional life insurance. This is as long as the symptoms are not too severe and it is well controlled.

Guaranteed acceptance life insurance is often a more affordable alternative to traditional life insurance for people with medical problems. This can be especially true for people with a recent diagnosis or for people over 40 years of age.

We would suggest that you speak to a medical life insurance specialist first of all. This can help you to find out whether cover is available before you look at guaranteed acceptance life insurance.

More on this topic:

There are several main advantages to buying guaranteed acceptance life insurance to protect your family.

  • Quick and easy application
  • No medical underwriting/medical information needed
  • No medical evidence or medical exams
  • Guaranteed acceptance
  • Added benefits (depending on insurer / product e.g. critical illness cover)
  • Fixed price
  • Easier for pre-existing medical conditions

There are also several major advantages to buying this type of life insurance that you should consider.

  • More expensive than traditional life insurance
  • Can pay more in than it pays out (Over 50s life insurance)
  • May exclude pre-existing health conditions (Guaranteed life insurance)
  • Not always clear
  • Not flexible
  • Maximum sums assured
  • Claims data not clear

How much is guaranteed acceptance life insurance?

Below are some tables to show examples of guaranteed acceptance life insurance premiums for comparison.

Over 50s life insurance premiums – Cost for 60 year old £5,000 non-smoker

ProviderAmount of CoverPremium (monthly)
Sun Life£5,036£22.00
Legal & General£5,023£21.00
Post Office£4,959£25.00
One Family£4,920£19.00

*the examples shown in the table above are correct at 22/05/23 . These are examples of several of the most common over 50s life insurance providers.

Over 50s life insurance premiums – Cost for 60 year old £5,000 smoker

ProviderAmount of CoverPremium (monthly)
Sun Life£4,797£35.00
Legal & General£4,981£35.00
Post Office£5,002£41.00
One Family£4,988£31.00

*the examples shown in the table above are correct at 22/05/23. These are examples of several of the most common over 50s life insurance providers.

These are just a few examples of the cost of guaranteed acceptance life insurance for over 50s life insurance. We have taken these quotes from some of the most popular companies. As you can clearly see from the examples shown above, there are significant differences in the costs and especially for smokers.

Where can I buy guaranteed acceptance life insurance?

There are several main options when considering purchasing a guaranteed acceptance life insurance, including:

If you want to get a quote for guaranteed acceptance life insurance then you can CLICK HERE or call 0800 009 6559.

Resources

Forbes – Life insurance statistics, facts and industry trends 2023

Association of British Insurers (ABI) – Life insurance for Over 50s

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