Guaranteed or Non-Guaranteed – Pick You Insurance Policy Wisely

Let’s understand the meaning of guarantee first. When a company grants you a product or service guarantee, they give you a formal/written assurance that the risk related to the failure of the product or service shall be borne by the company. So a product with a guarantee is surely a lucrative deal for the customer, however it must be noted that not all guarantees come with transparent clauses. Therefore, it is essential that a customer must thoroughly understand their need for the product and study the pros and cons of the guarantee associated with it.

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There are many kinds of life insurance policies available in the market. One commonality is they all cover financial risks associated withdeath of the policy holder. But there are other distinguishing factors such as a guaranteed premium amount and a non-guaranteed premium that you must consider to best suit your needs. For this, you must take into account, your financial needs, number of dependents or family members, your health status, income and other related aspects.

Guaranteed life insurance policy

A guaranteed life insurance policy guarantees continuity of the cover as long as the insured individual is flawlessly regular with timely payment of premium. This means the policy will not lapse until a premium payment is missed. A distinctive benefit this policy offers is that the premium amount will remain the same throughout – even if the insurer raises its fees and other charges during the policy term. 

Non-guaranteed life insurance policy

A non-guaranteed life insurance policy is a limited term insurance policy where the premium amount remains unpredictable. That means the premium amount you start to pay in the first few years of the policy may hike up based on calculations in line with market scenarios. Therefore the premium amount is not guaranteed to remain same throughout the policy tenure. For example, if you procure a non-guarantee insurance policy for 10 years, you may be paying a fixed premium amount for the first five years. For the next five years, you may have to pay a higher premium.

In a nutshell

When it comes to something as crucial as life insurance policy, it is essential to compare all of its kinds in detail. Not all policies are meant for all.

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You must find out what is best for you in accordance with your current financial status and what you desire for your family in case of any eventuality. For example, if you are looking for a greater financial security for your family and the freedom to invest a sizable amount in a potentially uncertain business model that may not work well after you expire– a guaranteed policy will cover your risks better than a non-guaranteed policy.  

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