Guaranteed Renewable
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A policy that can't be cancelled regardless of health changes.
Definition
Guaranteed renewable means the insurance company must renew your policy regardless of health changes, though premiums may increase with age. This protects you from losing coverage if you develop health problems during the policy term.
Example
Even after his cancer diagnosis, Tom's guaranteed renewable term policy allowed him to keep his coverage.
More Life Insurance Terms
Coverage for a specific period with no cash value.
Permanent coverage with guaranteed cash value.
Flexible permanent coverage with adjustable premiums.
The amount paid to beneficiaries when the insured dies.
The person who receives the insurance payout.
The savings component of permanent life insurance.
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