Guaranteed Renewable
A feature of some term life insurance policies that guarantees the policyholder the right to renew the policy for another term at the end of the current term, without having to provide evidence of insurability. However, the premium for the renewed term will typically be higher.
Detailed Explanation
This provides the security of knowing you can continue your coverage even if your health declines.
Practical Example
John's 10-year term life insurance policy had a guaranteed renewable feature. At the end of the 10-year term, even though he had developed some health issues, he was still able to renew the policy for another term, although at a higher premium.
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