Definitions for "Annually Renewable Term"
Provides the policyowner the right to renew his/her term life insurance policy at the end of each year without evidence of insurability. This annual renewal right continues until the policyowner reaches a specified age or for the number of years determined by the policy's contract. With most Annual(Yearly) Renewable Term contracts, the premium increases every year, especially as the policyowner reaches age 50 and older.
See Yearly Renewable Term.
A form of renewable term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year, without evidence of insurability. Also called yearly renewable term.