One Year Term Life Insurance

Yearly Renewable Term Is One Year Term

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Yearly renewable term life is really one year term life insurance. Here is how it works.

• The Basics

  As you get older life insurance costs more. A 25 year old male would pay less in premiums than a 26 year old male if they were buying the same type and amount of life insurance. Yearly renewable term insurance is the closest thing to pure life insurance. The premiums are very low.

  The problem with this though is that the older you get the more it costs. Eventually the cost of your policy can be quite prohibitive. If you therefore want a policy just for one year that is fine but if you plan on keeping it longer you should anticipate premium increases.

  It is not recommended that you keep a yearly renewable term longer than 5 years.

• One Year Term Insurance

  One year term and annual renewable term are one in the same. You do not need to qualify to continue the policy each year. The death benefit remains level for as long as you own your policy. Upon your death the face amount of the policy will be paid to your beneficiary.

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