The premium for noncancelable and guaranteed renewable coverage is higher, but the coverage is well worth the extra cost.

Question

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Noncancelable and guaranteed renewable coverage provides the insured with a level of security that other coverage types do not offer. With noncancelable coverage, the insurance carrier cannot cancel the policy as long as the premiums are paid on time. Guaranteed renewable coverage allows the insured to renew their policy each year without having to go through any additional medical underwriting, but the insurance carrier does have the ability to adjust the premiums. While the premiums for these types of coverage may be higher, the benefits and peace of mind they offer make them worth the extra cost.

The Premium for Noncancelable and Guaranteed Renewable Coverage Is Higher