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Guaranteed Renewable Policy

Quick Answer

All tax-qualified Long-Term Care Insurance policies are “guaranteed renewable”. The insurance company guarantees that the policy cannot be canceled as long as the insured pays the premium and the policy benefits are not exhausted. 

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Detailed Answer

All tax-qualified Long-Term Care Insurance policies are “guaranteed renewable”. The insurance company guarantees that the policy cannot be canceled as long as the insured pays the premium and the policy benefits are not exhausted. The insurance company may increase the premiums on guaranteed renewable policies for all policies of that particular type with the approval of the state department of insurance, but may not increase the premium for an individual policy.

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