What is a characteristic of a guaranteed renewable option?

A guaranteed renewable option is a feature of certain insurance policies that ensures the policyholder can renew their coverage without undergoing any medical underwriting, even if their health has changed since the original policy was issued. This characteristic provides a level of security and peace of mind to policyholders, as they do not risk losing their insurance coverage due to deteriorating health.

By guaranteeing renewal regardless of health changes, this option protects individuals from being denied renewal or facing increased premiums due to their health status when it’s time to renew their policy. This is particularly beneficial for those with ongoing health issues who may struggle to obtain coverage elsewhere.

The other characteristics described in the choices are not aligned with what a guaranteed renewable option entails. Adjustments in premiums based on age, limitations on death benefits, and specified expiry dates do not apply because the essence of a guaranteed renewable option is about maintaining coverage without risking denial due to health status changes.