what is a guaranteed renewable policy 
a guaranteed renewable policy is an insurance policy feature that ensures that an insurer is obligated to continue coverage as long as premiums are paid on the policy while re insurability is guaranteed premiums can rise based on the filing of a claim injury or other factors that could increase the risk of future claims understanding guaranteed renewable policiesmost insurers offer both guaranteed renewable policies and non cancellable policies if premiums are similar for both a guaranteed and a non cancellable policy the non cancellable policy is a better deal for the consumer because it offers the double guarantee of re insurability and locked in premiums in total insurers typically offer three types of policies non cancellable plus guaranteed renewable guaranteed renewable and conditionally renewable a non cancellable and guaranteed renewable policy guarantees that there will be no changes to your premium schedule your monthly benefits or your policy benefits up to age 65 or another specified age unless you request them the exception to this is if you file a claim experience an injury or if there is some other factor that the insurance company believes increases the risk of future claims in this case the insurance company can raise your premiums this type of policy is often elected when purchasing disability insurance most people cannot know for certain that their income will never go down in the future if you purchase a non cancellable and guaranteed renewable policy even if your income goes down later in life and you are totally disabled the company will pay you the total disability benefit you originally placed in force even though there is not a drastic price difference non cancellable and guaranteed renewable policies typically cost more than guaranteed renewable policies non cancellable and guaranteed renewable policies are generally preferred because the policyholder will not be impacted if an insurance company announces a massive rate increase in the future this insurance policy is not as comprehensive as a non cancellable and guaranteed renewable policy with a non cancellable and guaranteed renewable policy the policyholder can choose to make changes to their premium schedule monthly benefits or policy benefits with a guaranteed renewable policy that choice belongs to the insurance company and most insurance companies will try to decrease their liability if they can a conditionally renewable policy offers the least benefits to the policyholder compared to the other two policies non cancellable and guaranteed renewable and guaranteed renewable a conditionally renewable policy offers no guarantee that your same benefits will be renewed every year the insurance company can change the conditions of your policy every year if they choose to 