What type of policy guarantees renewal as long as premiums are paid?

A guaranteed renewable policy is designed to ensure that the policyholder has the right to renew the policy at the end of its term, as long as the required premiums are paid. This type of policy provides the insured with the assurance that they will not be denied renewal based on their health status or claims made in the past. Often found in health insurance and certain types of life insurance, it allows for continued coverage even if the insured's circumstances change.

In contrast, a term life policy only offers coverage for a specified period and does not guarantee renewal after that period expires. A universal life policy is flexible but does not inherently include guaranteed renewability in the same manner as a guaranteed renewable policy. Non-renewable policies typically terminate at the end of their terms without the option for renewal. Thus, guaranteed renewable policies are especially advantageous for those seeking stability in their insurance coverage as they age or if their health declines.