Guaranteed Renewable Policy
Candlefocus EditorThese types of policies are different than non-cancellable policies. Non-cancellable policies offer a double guarantee of both re-insurability and locked-in premiums; the insured is not required to pay more for the same coverage even if a claim is filed. This means the policyholder will only pay the same amount for the coverage each year that it was purchased for.
Another key difference between guaranteed renewable and other policies is the type of insurance. A guaranteed renewable policy is typically utilized for health and disability insurance. These types of policies are useful for people who are worried about their ability to get coverage for pre-existing conditions or for those that want to lock in their insurance rate for years to come. With guaranteed renewable policies, you can receive the same coverage and benefits from the same insurance provider without having to shop around every year to find a better deal - saving time and money.
A guaranteed renewable policy is a great option for many people looking for reliable coverage and will continue to provide them peace of mind for the long-term. Nevertheless, it is important to read the fine print so you can make sure it is the right policy for your specific needs and meets all terms-and-conditions.