Guaranteed life insurance policies are intended to look after the desideratum of your family by preparing you for a later pay-out in the event of your death through insurance which will give you not only financial surety but also a peace of mind for the people you’re leaving behind without worrying about the life they will lead.
The age for applying for life insurance is between 30 and 80, and the policy is a flexible insurance policy that makes changes in itself without demanding too many fees. This puts the policyholder at ease with buying such a policy and assures him of guaranteed benefits that no one can hold back from him.
WHAT DOES GUARANTEED LIFE INSURANCE GIVE YOU SPECIFICALLY?
The Guaranteed Life Insurance policy offers you a guaranteed benefit amount that lies somewhere between £2,000 to £20,000 covering your funeral and other related costs.
The process of applying for the life insurance is painless with no medical asked and the vital boost of the policy is that in a case of accidental death where the family has been hit with a devastating shock, the insurers provide you with three times the amount of your pay-out.
Guaranteed Life Insurance is essential for those who do not have mortgage or loan repayment bills pending and are just worried about their family.
The amount from this policy is typically utilized in paying the funeral costs and the day to day life necessities of the family that they leave behind. The guaranteed life insurance policy can be a joint plan which allows you worldwide cover and fixed monthly premiums.
Why you should obtain Guaranteed Life Insurance?
Guaranteed acknowledgment protection is amazingly costly for the measure of inclusion you can buy since the safety net provider can’t gather or confirm any data about your wellbeing. This is the reason, while guaranteed issue life coverage is helpful, we possibly prescribe it in case you can’t meet all requirements for different types of disaster protection.
Regardless of whether you’re a senior resident or have a prior ailment that would exclude you from completely endorsed inclusion, you should initially attempt rearranged issue extra security.
Improved issue extra security doesn’t require a clinical test and acknowledges a more extensive scope of medical issues than completely guaranteed inclusion.
In any case, since you answer a couple of inquiries regarding your wellbeing, premiums will be lower than with guaranteed acknowledgment protection.
Likewise, the constrained measure of inclusion you can buy implies that guaranteed protection will normally just cover end-of-life costs.
The advantages and disadvantages of guaranteed life insurance are as follows:
- One of the main pros of guaranteed life insurance is that it offers life insurance without any pre-medical exams or documentation related to your general health.
- This type of insurance guarantees acceptance into the scheme even if other insurers decline his or her application into other schemes while ensuring that your loved ones receive a payout irrespective of when you die.
- One of the main disadvantages of life insurance is the cost. The cost of the same amount of cover can be higher for guaranteed life insurance as compared to other life insurance policies like term life insurance or whole of life insurance.
- The maximum cover amount for these types of life insurance is generally lower than other life insurances. So if you are hoping to leave your loved ones with a huge sum as inheritance through this insurance, you are probably going to be disappointed.
How can you find the right policy?
Well, age is one of the most important factors any life insurance company takes into account while approving your policy. The reason being, you are more likely to have health conditions when you age. This is where getting in touch with life insurance professionals can save you precious time and money.
In most cases the cover is guaranteed, but some policies only pay the premiums you paid if you die within 12 months of buying the policy.
To know more about guaranteed life insurance, feel free to connect with our team of life insurance professionals.