If your term life insurance is an annual renewable policy, you can renew your coverage each year without filling out a new application or passing a physical exam.
However, the premium, or the amount you pay for the policy, isn't fixed, and goes up each time you renew. Policies with five- or ten-year terms may also be renewable, with comparable increases in their premiums.
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- Convertible term, Guaranteed renewable policy, Level term insurance, Life insurance, Paid-up policy, Premium, Renewable term, Term insurance
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