Annual Renewable Term Life Insurance

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Annual renewable is a variation on basic term life insurance. With this version, when your first annual policy period comes to an end, you have the choice of continuing it for another year. The attraction is that you don't have to prove you are still in good health. Annual renewable term life insurance is a widely used product, and if your employer provides you with life insurance, this is probably what you are getting. The premium will typically increase every year with each renewal. See also Level Premium Term and Decreasing Term.