Renewable term life insurance

Renewable term life insurance

A policy for a stated period that may be renewed if desired at the end of the 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.
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Vantage Term Life Insurance Policies (Policy Form TL-2009 and ICC09TL in certain states, including North Carolina) are participating, annually renewable term life insurance issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001.
The portfolio includes two equity-indexed annuities, a fixed annuity designed to accept rollovers, a fixed annuity to manage minimum required distributions, and a simplified-issue one-year renewable term life insurance policy.
International Life Insurance is yearly renewable term life insurance paying a lump sum benefit to the insured's beneficiary because of death due to illness or accident.