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Renewable Term Life Insurance
Renewable term life insurance coverage is precisely what it sounds like-a term life policy that can be renewed once the initial term expires. For instance, an annual renewable term life insurance policy would give the insured the option of renewing coverage on a yearly basis. Insurance life renewable term coverage is attractive to most consumers because it affords the option of renewability without requiring further proof of insurability upon renewal. Read on to learn why you should request quotes on policies with a renewal option.
How Insurance Life Renewable Term Works
When you first purchase term life insurance, you will have to pass a physical exam, and the insurer will require a full medical history. With most term policies, if you choose to extend your coverage term, you have to complete this entire process over again. In other words, you have to demonstrate further proof of insurability if you decide to prolong your coverage term.
Renewable term life insurance, on the other hand, still affords the option of renewal but does not require additional evidence of insurability. That means you can renew your coverage whenever your original term runs out without having to take another medical exam or submit any further medical information to your carrier. If you choose an annual renewable term life insurance policy, you will have this option every year. Other policies provide the option at various intervals, such as every five or ten years.
Why You Need a Renewal Option
As you shop for first life insurance policy, you will eventually have to specify a term for your coverage in order to receive the most accurate quotes on this site. You will likely be uncertain about the term you choose-you might end up needing coverage for a longer or shorter period of time depending on what life throws at you. Insurance life renewable term coverage can offset this uncertainty by allowing you to renew your policy at regular intervals. If you still have dependents and major obligations when your initial term runs out, you can choose to renew without any application hassles. Conversely, if your term is up and you do not need coverage for as long as you initially thought, you can choose not to renew and allow your renewable term life insurance to expire.
Browse Renewable Term Life Policies
The carriers that supply quotes to our visitors offer a wide variety of insurance life renewable term policies, including annual renewable term life insurance and other options. See how affordable a renewal option can be on a term life policy by requesting free quotes on renewable term life insurance now.