A term life insurance policy that allows the policyholder to renew the policy (typically at a higher premium rate) after the policy has matured. For instance, if an individual has a term life insurance policy that is scheduled to mature in 2020, he/she is given the ability to renew the policy at that time instead of having to open up another policy. In most cases, the monthly premium escalates to an unfavorable rate, prompting the policyholder to purchase another policy.
Related information about renewable term life insurance:
- Term life insurance - Wikipedia, the free encyclopedia
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term.
- Ask the Expert: Term or permanent life insurance? - Aug. 24, 2004
Aug 24, 2004 ... Is there ever a set of circumstances that would warrant buying permanent insurance instead of, or in combination with, a term life policy?
- Renewable Term Insurance
Thus, the annually Renewable Term Life Insurance is the simplest form when it comes to determining the amount of the premium the insured is to pay with the ...
- Term Life : Annual Renewable Term
For some specific life insurance needs, a one-year term policy can be a viable, appropriate product choice.
- Renewable Term Life - Financial Dictionary - The Free Dictionary
Like other term life policies, renewable term life insurance does not include some of the other benefits of a whole life policy, such as a savings component.
- Term Life Insurance | Northwestern Mutual
Annually Renewable Term Life Insurance Premiums start out lower than level term premiums and increase each year. Level Premium Term Life Insurance ...
- Renewable Term Life Insurance
Renewable term life insurance allows the policyholder to continue coverage after the original term has expired without further evidence of insurability. Find out ...
- What is renewable term life insurance? definition and meaning
Definition of renewable term life insurance: A term life insurance policy that allows the policyholder to renew the policy (typically at a higher premium rate) after ...