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Be Clear About Guaranteed Renewability
I see the commercials on TV and shake my head. Some of the term companies advertise their contracts that go something life this: "our policy's rates are guaranteed for the first 20 years and are, "guaranteed renewable" thereafter to age 95 or 100."
Actually this is a correct statement, however, if you're not paying attention, you may think they said this: "Our policy's rates are guaranteed for the first 20 years and are, "guaranteed renewable" thereafter AT THE SAME RATE OR SOME RATE CLOSE TO WHAT I'M PAYING NOW.
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Now you may not think that if you see that commercial, but many do. The truth is the policy is "guaranteed renewable." The only catch is it may be renewable but at 15-20 times the original premium.
If you read the last section about Re-Entry, you saw policies that moved outside the rate guarantee period were subject to change (according to the policy schedule) via to the "Guaranteed Renewability" clause. The company reserves the right to change that rate up to the policy maximum. In many cases, the rate increase can be staggering.
That alone should discourage anyone from buying a shorter-term policy than what they need.
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