Renewable term

Renewable Term Life Insurance

A life insurance policy that provides coverage only for a certain period of time, but which may be renewed at the end of that period. A term life insurance policy provides a benefit upon the death of the policyholder, but ceases to provide this benefit if he/she is still alive when the policy expires. Upon expiration, the policyholder may decide to renew the policy or let it lapse. If the policy lapses, the policyholder is not reimbursed for the premiums paid over the life of the policy. Like other term life policies, renewable term life insurance does not include some of the other benefits of a whole life policy, such as a savings component.

Renewable term.

A renewable term life insurance policy allows you to extend your coverage for an additional period without having to requalify for coverage, provided that you have paid your premiums in full and on time.

Being able to renew your policy can be an important advantage if your health has declined since your original purchase. That's because another insurer might refuse to sell you a policy or might charge more for comparable coverage.

Renewable term policies do not guarantee the same rate for the new coverage period. In fact, at each renewal, the cost is likely to increase to reflect the fact that you're older and therefore pose a greater risk to the insurer.

References in periodicals archive ?
The new board will be chaired by Matar Humaid Al Tayer and will have a three-year renewable term.
The agreement signed by Sadara Chemical Company has a 20 year renewable term, a statement from Sadara said.
Deputy Premier welcomed edict 42/ 2015 issues by HRH Premier which stipulates the re-formation of Water Resources Council under the Deputy Premier's chairmanship and membership of Follow-up Minister as Deputy Chairman and ministers of Finance, Works, Municipalities Affairs and Urban Planning, Transportation and Telecommunications, Housing and Industry and Commerce as members for a four-year renewable term.
Its members comprise the rulers of the seven emirates, who elect a president and VP from among themselves for a five-year renewable term.
Colonel Mohammed Abdullatif Al Mahmoud, Taha Mahmoud Faqihi and Shaikh Ahmed bin Isa bin Daij Al Khalifa have been named as members for a one-year renewable term.
As a council member, Sheikh Abdullah will serve a two-year renewable term, joining senior government representatives, private sector leaders, and experts and civil society leaders in economics and gender and development.
The legislation added that the communications minister will appoint a seven-member board to run the company for a three-year renewable term.
In the third investment of its kind, Al Salam Bank Bahrain has announced the acquisition of an equity stake in a second brand new Boeing 777-300 ER on a 12-year-long renewable term lease to the Emirates Airlines.
A three-year renewable term for the board membership was set by the decision.
Obama reminded the Jewish Americans of what he did for Israel during his possibly renewable term.
The MDL application covers an area of approximately 1,046 hectares and carries a renewable term of 5 years.
Its first fire insurance policies were seven-year renewable term policies that covered buildings against fire.