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What is Annual Renewable Term?

By Compuquotes Team on October 25th, 2010

Question: What is annual renewable term life insurance?

Answer: Annual renewable term is a type of term life insurance that is renewable at the end of each term year. Policyholders purchase term life insurance for a specific coverage period, usually between five and thirty years. Although you are guaranteed the right to renew your coverage each year during the term period, this type of term life insurance policy typically increases in cost each year. Oftentimes, annual renewable term is affordable at the start of the policy; however, the plans can become costly by the end of the term.

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