Guaranteed Life Insurance refers to the fact that provided you maintain your monthly premium payments, you are certain to be accepted for the policy.
Guaranteed Life Insurance is a life insurance policy route designed specifically for individuals over the age of 50. The term “guaranteed” refers to the fact that provided you maintain your monthly premium payments, you are certain to be accepted for the policy.
If you are a dad over the age of 50 looking for a life insurance policy with guaranteed acceptance, then a Guaranteed Life Insurance policy from Daddy Insurance could be the ideal option to offer financial protection to you and your family.
A Guaranteed Life Insurance policy is something many people will turn to in their later years due to its ease of application and high acceptance rate. For many, Guaranteed Life Insurance is the perfect safety net to provide their families with financial security and to contribute towards funeral costs.
How does a Guaranteed Life Insurance policy work?
Unlike other life insurance policies, Guaranteed Life Insurance does not require policy holders to disclose their medical history, something which can often result in your claim being declined. The main commitment is simply ensuring that you are keeping up to date with your payments. In the event that you adhere to this, your nominated beneficiary will receive a lump sum payment once you pass away.
Guaranteed Life Insurance comes with a cooling off period, where in some cases you can receive back what you paid into the policy if you decide it isn’t right for you during this period. However, this is not always the case. Some insurance agencies will not offer any form of refund from the date your new policy is effective.
It is important to compare quotes and polices before going ahead to purchase a policy. Here at Daddy Insurance we pride ourselves on tailored, cost-effective polices suited to an individual instead of the masses. We believe we have a policy for every dad, no matter their personal circumstances.
What Are The Advantages & Disadvantages of Guaranteed Life Insurance
How is the Cost of a Guaranteed Life Insurance Policy Calculated?
There are multiple factors that contribute to the cost of your personalised Guaranteed Life Insurance policy. These factors include:
Your Lifestyle : Your current lifestyle may contribute to the cost of your policy. You may be asked whether you smoke; a factor that could determine that you are at a higher risk of premature death.
Your Age : Ultimately, your age will determine the height of the premium you pay. Generally, the older you are, the higher your premium rate. If you submit an application for Guaranteed Life Insurance as early on as possible, your premium rate will remain locked for the rest of your life- as long as you keep up with your monthly payment scheme.
Your Insurance Provider : It is always advised that you shop around for the best policy. Some insurance providers will offer better deals than others.
The Lump Sum You Require : The amount you determine your family will need once you pass away will affect your premium rate. The higher the amount required, the higher the premium rate.
Can You Put Guaranteed Life Insurance Into a Trust?
In short, yes you can put Guaranteed Life Insurance into a trust. Writing your life insurance policy into a trust offers greater control over how your loved ones receive money from you. Your trustees will become responsible for ensuring that your beneficiaries receive their pay out from your policy in the event of your death. You can specify the date that your beneficiaries receive their pay out when you write your policy into your trust.
Writing your Guaranteed Life Insurance policy into your trust could mean that your loved ones receive a pay out quicker than they would if your policy was not in a trust. This element of control means that you have more peace of mind surrounding the financially stability of your family when you are no longer here.
Is Guaranteed Life Insurance Right For Me?
Different life insurance policies will suit different people better based on their circumstances. Whether you should purchase a Guaranteed Life Insurance policy from Daddy Insurance depends the type of policy you require, for example, the amount you can afford to pay into a policy, or what you need the specific policy for.
You should note that Guaranteed Life Insurance policies are typically designed to assist with funeral costs or other cost-based factors for you loved ones once you pass away. In most cases, Guaranteed Life Insurance polices can pay up to £18,000 towards your funeral costs, or alternatively, just to offer your family some financial security.
Furthermore, it is essential to consider the fact that you may end up paying more into the policy than your loved ones will receive in their lump sum payment- this is due to inflation and other costs.
Why Use Daddy Insurance
Here at Daddy Insurance we are dedicated to helping dads find the best life insurance deal on the market.
Our cheap and free life insurance quotes are specifically tailored to you and your personal circumstances. Whether it be your health and lifestyle, or your budget, we get to know you to better understand what policy you are best suited to. After all, your policy should be straight forward and stress free! We will discuss your current financial situation to ensure that the policy you purchase is affordable.
To compare polices and find your ideal one, come and speak to our life insurance experts today for further guidance on how you can protect your family financially once you sadly pass away.