why choose a yearly renewable term
policyholders with a yearly renewable term life insurance policy can lock in a length of time during which they will remain insurable during this period the policy can be renewed without the need for a medical exam renewability rules vary by state and insurer but it is generally permissible up to a certain age for example new york doesn t allow you to renew past age 80 as the cost would be too high to be worth it 3the policyholder s age is a major factor in determining how premiums are priced so yrts are particularly attractive to adults at lower ages a young insured person s premiums start lower and generally increase with age that s because the older you get the more costly and risky it becomes to insure you most policies come with a schedule of premiums this is a chart that outlines the maximum amount you ll have to pay each year premiums are billed for this exact amount when the policy is renewed while the premiums usually increase the death benefit stays the same 