What is Guaranteed Renewable?

Guaranteed renewable is a critical feature of long-term care insurance policies. It means that as long as you continue to pay your premiums, the insurance company is required to renew your policy each year. They cannot cancel your coverage or change the terms, except for premium increases that apply to all policyholders within the same class.

This feature provides a sense of security and reliability for policyholders, ensuring they have continued access to their insurance benefits regardless of changes in their health or personal circumstances.

Importance

Guaranteed renewable is vital for several reasons:

Stability

• It guarantees that your policy will remain in effect year after year as long as you pay your premiums.
• This stability is crucial for long-term planning and peace of mind.

Protection Against Health Changes

• Your insurance coverage won't be canceled or altered due to changes in your health status.
• Even if you develop a chronic illness or disability, your policy stays intact.

Predictability

• Knowing that your coverage will continue allows you to plan for future care needs without worrying about losing your insurance.

Examples

Jane & Policy Renewal