Renewable life insurance is an option that can be built into regular term life insurance policies; it allows you to renew your existing policy at its expiration. When renewing a renewable life insurance policy no new health checks or medical evidence is required; as a result, your renewable life insurance policy will be based on your state of health at the beginning of the original policy.
Renewable life insurance is often purchased in shoter periods, allowing you the option of renewing more frequently without the worry of deteriorating health over time, while helping you adjust financially to changing circumstances in your life, such as marriage or having children. Renewable life insurance policies do become more expensive over time, as the chance of your dying within the term increases the longer the policy runs for; however, this in turn affords a greater chance of seeing a return on the investment of a lifetime’s premium maintenance. A common alternative to renewable life insurance is convertible life insurance.
Compare renewable life insurance options by completing the form on this page. Totally Money will put you in contact with an independent expert to ensure you find the best renewable life insurance policy to suit your lifestyle and budget.