A policy form of term life insurance that provides one year of coverage. At the end of the one-year period, the policy may be renewed at the discretion of the policy owner for another one-year period. The premiums on the new policy will be increased to reflect the fact that the age of the insured has also increased by one year.
A term life insurance policy which is renewed on a yearly basis.
A term policy that is renewable each year. The face amount remains the same and the rate per thousand of protection increases each year. p 152