What Is Guaranteed Whole Life Insurance?

Guaranteed acceptance life insurance is a type of coverage that allows you to get approved without undergoing a medical exam. This type of insurance is ideal for seniors who have health conditions that make buying other types of life insurance cost-prohibitive. The good news is that you can purchase a policy up to your 70s or 80s, and coverage lasts a lifetime. However, you may need to settle for less robust coverage with higher premiums since insurance companies take on a greater risk by issuing a policy without a medical exam.

Guaranteed whole life insurance is another type of guaranteed life insurance that offers permanent coverage, meaning the death benefit lasts your entire lifetime as long as you continue paying the premiums. You can get approved without a medical exam, but the death benefit for guaranteed whole life insurance tends to be low, and premiums can be on the higher end.

Type of InsuranceAge LimitDeath Benefit AmountMonthly Premium
Guaranteed Acceptance Life InsuranceUp to 70s or 80s$5,000 to $25,000$220 or more
Guaranteed Whole Life InsuranceOver the age of 50$25,000$174 to $205

Guaranteed universal life insurance doesn’t offer guaranteed approval, and you’ll likely need to pass a medical exam to qualify for this coverage. However, the death benefit is guaranteed for your entire life as long as you continue paying the premiums. Guaranteed universal life insurance is often seen as a low-cost alternative to whole life insurance, and you have the option to surrender your policy at certain times and get your premiums back.

Before buying any type of guaranteed life insurance, you must calculate how much coverage you need. Do you need coverage for burial expenses only, or do you want life insurance with a death benefit large enough to provide your family with some extra cash for expenses once you’re gone? While most types of guaranteed life insurance will approve you regardless of your health, your death benefit may be low when compared to the premiums you’ll be asked to pay.

It pays to shop around for a guaranteed life insurance policy since some life insurance companies charge significantly more for the same amount of coverage with similar benefits.

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