What Does Renewable Life Insurance Mean?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Renewable Life Insurance is life insurance that can be renewed when the policy ends. When the policy is renewed, coverage is extended for another set period of time at a higher rates. When annually renewable, the policy will be extended for one year at that price, then can be renewed the following year at a higher price if you so choose.
    Answered on June 24, 2013
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A renewable policy is generally renewable for a specified period of time.  During that period the insured can continue coverage regardless of health by paying the renewal premium.  Renewal premiums are generally a great deal higher than the initial premium but might be a bargain if the insured’s health has deteriorated in the meantime.
    Answered on August 27, 2014
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