Guaranteed Renewable: A provision of certain insurance policies. This provision prevents the insurance company form canceling or making changes to the policy for a stipulated period of time, normally until the insured's age 65, provided premiums are paid on a timely basis However, the company may increase the premium for a given class of insureds. Ordinarily, the company must apply to a state insurance department to show cause in order to increase premiums for policies issued in the given state.