YOU ASK:

What is the definition of Renewable Term Insurance Policy?

WE ANSWER:

Renewable Term Insurance Policy refers to a policy for term life insurance where the policyowner has the option to continue with the coverage even when the specified term has ended.

The insured person does not need to prove that he is currently insurable, meaning he does not have to undergo a medical exam, complete medical forms and so on. The insurance company is obligated to renew his term insurance, although it is allowed to raise the premiums depending on the insured person's attained age. The old evidences of insurability that were used to issue the policy would apply to the premiums charged.

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