Term Policy with a Renewability Option

What is a term policy with a renewability option?

Term Insurance with a Renewability Clause in a term life insurance policy that allows you to extend your life insurance coverage beyond the original policy duration (term), even if your health has declined, usually on an annual basis and without a health examination required to qualify for the renewal life insurance policy.

You won’t have to re-qualify for a new policy, but your extended renewable term life coverage may increase your current policy premium. That means, if you want to renew your life insurance coverage, it will cost you more – you’ll be charged a higher premium based on your age at the time of policy renewal.

Learn more about a term policy with a renewability option and how it works.