What type of health insurance policy allows for renewal by the insurer and permits premium increases only for the entire class of insureds?

A guaranteed renewable health insurance policy is designed to provide a level of security for the insured by ensuring that the insurer cannot cancel the policy as long as the premium is paid. This type of policy also allows the insurer to increase premiums, but only for an entire class or group of insured individuals, rather than singling out specific individuals. This means that if the insurer decides to raise premiums, it must do so uniformly across all policies within the same category, ensuring fairness and predictability for all policyholders.

This structure offers significant benefits to insured individuals, as they cannot be denied renewal based on health status or claims history, thus facilitating long-term coverage. The guaranteed renewable feature makes it particularly valuable for those who may experience health changes that could affect their insurability in the future.

The other types of policies reflect different principles of renewal and premium adjustment. A non-cancellable policy locks in both the terms and the premium rate for the policyholder's life, while conditionally renewable policies allow the insurer more flexibility regarding renewal based on specific conditions. Term insurance provides coverage for a specific period without the renewal consideration that renewability options grant.