ExpertGlossary

Your insurance company can't cancel a guaranteed renewable life insurance policy as long as you pay the premium on time.

With this type of policy, your payments can be increased only if they're raised for everyone with the same policy. Today, all newly issued policies are guaranteed renewable.

If lenders are concerned about your income, your credit history, or other risk factors when you apply for a loan, they may require a guarantor, or cosigner.

The guarantor signs the loan with you and agrees to pay your debt if you default. For example, lenders may fear that your income may not be high enough to meet your payments if you encounter any unexpected financial setbacks.

Laws governing who may serve as a guarantor vary from state to state. Some states require that your guarantor be a resident of the state where you're obtaining the loan, while others will accept guarantors from out of state as well.

A guardian is someone you designate to be legally responsible for your minor children or other dependents who are unable to take care of themselves if you are unavailable to provide for their care.

You may name the guardian in your will or while you are still alive. In most cases, a guardian makes both personal and financial decisions for his or her ward.

However, you may name two guardians with different areas of responsibility - perhaps one for financial matters if you have a substantial estate. If you become disabled or otherwise unable to manage your own affairs, the appropriate court in your state may name a guardian to manage your affairs.

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