What Is Annual Renewable Term Insurance?

Annual renewable term insurance is a type of life insurance coverage that an individual can renew every year. With this type of life insurance, life insurance company agrees to insure the individual for a certain number of years without a new medical exam and without changing the face value of the policy. However, the premium will be adjusted and based on a one-year term for the individual. This means that the premium will essentially rise every year as the individual gets older. This type of insurance is designed for individuals who need short term life insurance coverage.

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