Renewable Term Life Insurance

Definition of "Renewable term life insurance"

Coverage that is renewable at the option of the insured, who is not required to take a medical examination. Regardless of physical condition, the insured must be allowed to renew the policy and the premium cannot be increased to reflect any adverse physical condition. However, the premium of each renewal increases to reflect the life expectancy of the individual at that particular age.

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Insured's age at the date a term life insurance policy is issued. An original age or retroactive con ...

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