In short
Guaranteed premiums stay fixed for the whole length of the policy, so the insurer cannot increase the price as you get older.
With guaranteed premiums, the price you agree at the start is the price you pay throughout the term. The insurer cannot raise it because you age or because claims experience changes, which makes budgeting predictable over many years.
Guaranteed premiums often start a little higher than reviewable premiums for the same cover, because the insurer is taking on the risk that costs rise over time. Many people accept the slightly higher starting cost in exchange for certainty.
One thing to watch is indexation. If you add index-linking to a guaranteed-premium policy, the sum assured and the premium can still rise each year in line with inflation. That is by design and is different from the insurer changing the underlying price.
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