What does Guaranteed Renewable Policy mean?

Guaranteed Renewable Policy is an insurance type which is more and more popular due to the fact that the issuing party warrants renewing your policy independently of what health changes may occur to you. If you pay your premiums as needed and certainly on time, coverage will be guaranteed. Another important aspect of a guaranteed renewable policy is that premiums cannot be raised and be applied only to your specific insurance policy, but premiums will be raised to all those insured individuals who hold this type of life insurance policy as well.

Guaranteed Renewable Policy explained

There are many common traits between a guaranteed renewable policy and a non-cancelable one. Both are insurance policies which are issued by health insurance companies, with the difference that buying a non cancelable policy might prove more appealing to the policyholder. A non cancelable policy, as opposed to the guaranteed renewable one, will also guarantee that your premiums will not get more expensive during the lifespan of the contract.