It can also mean "guaranteed issue" which means you cannot be turned don or denied coverage due to any health problems.
However, with guaranteed issue policies you must meet the age requirements for approval. Some insurers offer guaranteed issue life insurance for people ages 45 to 75, ages 40 to 80, or for people ages 45 to 85.
Guaranteed whole life policies may build up some cash value inside your life insurance plan over time from which you may be able to take a loan if needed.