What is annually renewable term life insurance?
Annual renewable term insurance is one of the types of term life insurance which offers guaranteed life insurance for the pre-defined period of years. The good news about this policy is that the insurer has to pay the installment on the given dates to renew the policy without any medical exam or any other procedure. The death benefit of the policy remains the same with the extension of the contract. The annual renewable term insurance has the privilege of becoming a universal life policy.
Benefits of annual renewal insurance
The insurance is designed to supplement the benefits that employees or their families receive in the event of any event covered by the policy.
It offers a guaranteed capital to be defined in the event of death.
In addition, you have the following optional guarantees:
- Absolute Permanent Disability
- Total Permanent Disability
- Death by Accident
- Absolute Permanent Disability due to Accident
- Total Permanent Disability due to Accident
- Death by Traffic Accident
- Permanent Absolute Disability due to Traffic Accident
- Total Permanent Disability due to Traffic Accident
- Great Disability
Temporary annual renewable collective benefits
For the Company: tax deductions for contracting the insurance.
For the worker: additional protection for him and his family in a situation that causes a decrease in income.
For the member of a sports / cultural association or group: guarantee that he or his beneficiaries will continue receiving the services they enjoy.
Frequently asked Question
Which of the following best describes annually renewable term insurance?
- Level term insurance policy best describes the renewable term insurance