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                                                                    EXHIBIT 99.2
                         NOTICE OF GUARANTEED DELIVERY
                                   TO TENDER
                   UNREGISTERED 7 3/8% SENIOR NOTES DUE 2005
                      (INCLUDING THOSE IN BOOK-ENTRY FORM)
                                       OF
 
                     PROTECTION ONE ALARM MONITORING, INC.
       PURSUANT TO THE EXCHANGE OFFER AND PROSPECTUS DATED        , 1998
 
     As set forth in the Prospectus (as defined below), this form or one
substantially equivalent hereto must be used to accept the Exchange Offer (i) if
certificates for unregistered 7 3/8% Senior Notes due 2005 (the "Old Notes") of
Protection One Alarm Monitoring, Inc., a Delaware corporation ("Monitoring"),
are not immediately available, (ii) time will not permit a holder's Old Notes or
other required documents to reach the Exchange Agent on or prior to the
Expiration Date (as defined below) or (iii) the procedure for book-entry
transfer cannot be completed on a timely basis. This form may be delivered by
facsimile transmission, registered or certified mail, by hand or by overnight
delivery service to the Exchange Agent. See "The Exchange Offer -- Procedures
for Tendering" in the Prospectus.
 
THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY
TIME, ON        , 1998 (THE "EXPIRATION DATE"), UNLESS THE EXCHANGE OFFER IS
EXTENDED BY THE COMPANY.
 
                 THE EXCHANGE AGENT FOR THE EXCHANGE OFFER IS:
 
                              THE BANK OF NEW YORK
 
                                  Deliver to:
                      The Bank of New York, Exchange Agent
 
                              THE BANK OF NEW YORK
 
<TABLE>
<S>                                          <C>
     By Registered or Certified Mail:         By Hand or Overnight Delivery before 4:30
                                                                p.m.:
 
           The Bank of New York                         The Bank of New York
            101 Barclay Street                           101 Barclay Street
                 Floor 7-E                         Corporate Trust Services Window
         New York, New York 10286                           Ground Level
                                                      New York, New York 10286
       Attn: Reorganization Section,
            Gertude Jeanpierre                      Attn: Reorganization Section,
              (212) 815-5920                             Gertude Jeanpierre
                                                           (212) 815-5920
</TABLE>
 
                   By Facsimile (for Eligible Institutions):
                                 (212) 815-6339
 
                               For Information or
                           Confirmation by Telephone:
                                 (212) 815-5920
 
    (Originals of all documents sent by facsimile should be sent promptly by
    registered or certified mail, by hand or by overnight delivery service.
 
     DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OR
TRANSMISSION OF THIS NOTICE OF GUARANTEED DELIVERY VIA FACSIMILE OTHER THAN AS
SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.
<PAGE>   2
 
Ladies and Gentlemen:
 
     The undersigned hereby tenders to Monitoring, in accordance with
Monitoring's offer, upon the terms and subject to the conditions set forth in
the Prospectus dated             , 1998 (the "Prospectus"), and in the
accompanying Letter of Transmittal, receipt of which is hereby acknowledged,
$            in aggregate principal amount of Old Notes pursuant to the
guaranteed delivery procedures described in the Prospectus.
 
Name(s) of Registered
Holder(s):
--------------------------------------------------------------------------------
                                 (PLEASE TYPE OR PRINT)
 
Address:
--------------------------------------------------------------------------------
 
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Area Code & Telephone No.:
---------------------------------------------------------------------------
 
Certificate Number(s) for
Old Notes (if available):
--------------------------------------------------------------------------------
 
Total Principal Amount
Tendered and Represented
by Certificate(s): $
--------------------------------------------------------------------------------
 
Signature of Registered Holders(s):
---------------------------------------------------------------------
 
Dated:
--------------------------------------------------------------------------------
 
[ ] The Depository Trust Company
   (Check if Old Notes will be tendered
    by book-entry transfer)
 
Account Number
--------------------------------------------------------------------------------
 
               THE GUARANTEE ON THE NEXT PAGE MUST BE COMPLETED.
<PAGE>   3
 
                                   GUARANTEE
                    (NOT TO BE USED FOR SIGNATURE GUARANTEE)
 
     The undersigned, being a member firm of a registered national securities
exchange, a member of the National Association of Securities Dealers, Inc., or a
commercial bank or trust company having an office in the United States, hereby
guarantees (a) that the above named person(s) "own(s)" the Old Notes tendered
hereby within the meaning of Rule 14e-4 ("Rule 14e-4") under the Securities
Exchange Act of 1934, as amended, (b) that such tender of such Old Notes
complies with Rule 14e-4, and (c) to deliver to the Exchange Agent the
certificates representing the Old Notes tendered hereby or confirmation of
book-entry transfer of such Old Notes into the Exchange Agent's account at The
Depository Trust Company, in proper form for transfer, together with the Letter
of Transmittal, properly completed and duly executed, with any required
signature guarantees and any other required documents, within three New York
Stock Exchange trading days after the execution of the Notice of Guaranteed
Delivery.
 
Name of Firm:
--------------------------------------------------------------------------------
 
Address:
--------------------------------------------------------------------------------
 
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Area Code and Telephone No.:
-------------------------------------------------------------------------
 
Authorized Signature:
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Name:
--------------------------------------------------------------------------------
 
Title:
--------------------------------------------------------------------------------
 
Dated:
--------------------------------------------------------------------------------
 
NOTE: DO NOT SEND CERTIFICATES OF OLD NOTES WITH THIS FORM. CERTIFICATES OF OLD
      NOTES SHOULD BE SENT ONLY WITH A LETTER OF TRANSMITTAL.