Renewable Term Life Insurance

With renewable term life insurance, you can skip a medical exam when you renew your policy. Renewable term life insurance rates can be as low as $9 a month, but the cost varies for each person. Age, gender, health, policy limit, and policy type all impact renewable term life insurance quotes. Shop around and compare multiple renewable term life insurance companies to secure the most affordable rates.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 28, 2021

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The Rundown

  • Renewable term life insurance is a convenient way to keep your term life policy
  • Term life insurance rates are determined by age, gender, health, and policy limit
  • Some policies allow you to convert your term life into whole life

Did you know some life insurance companies won’t allow you to renew your standard term life insurance policy? But you can restart your term life policy with renewable term life insurance.

But what is renewable term life insurance? Read through this article to get answers to frequently asked questions regarding term life insurance.

If you’re ready to buy renewable term life insurance, enter your ZIP code above to compare free life insurance quotes from the top companies near you.

How much are renewable term life insurance rates?

Term life insurance rates can be as low as $9 a month. However, several factors determine whether affordable renewable term life insurance is available to you.

Before you buy renewable term life insurance, your age, gender, health, policy limit, and policy type determines renewable term life insurance quotes.

Let’s look at an example of how life insurance is affected by these factors.

Average Monthly 20-Year Term Life Insurance Rates by Age, Gender, and Coverage Limits
Age & GenderAverage Monthly Rates for $500,000 Death BenefitsAverage Monthly Rates for $750,000 Death BenefitsAverage Monthly Rates for $1,000,000 Death BenefitsAverage Monthly Rates for $2,000,000 Death Benefits
50-Year-Old Female$71.03$103.64$128.87$250.87
50-Year-Old Male$93.23$136.94$174.13$340.64
60-Year-Old Female$102.37$149.34$189.50$373.49
60-Year-Old Male$138.64$204.05$255.08$504.64
70-Year-Old Female$295.61$440.76$556.17$1,089.38
70-Year-Old Male$444.63$664.29$846.83$1,676.36
80-Year-Old Female$1,375.68$2,061.10$2,573.20$5,086.77
80-Year-Old Male$1,776.11$2,661.75$3,455.01$6,901.88
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Younger policyholders pay much less, but older policyholders pay more per month. In addition to age increasing your life insurance rates, longer terms and higher policy limits raise your rates.

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How does renewable term life insurance work?

Term life insurance provides coverage for a specific number of years. Standard term life insurance lasts from 10 to 30 years.

Term life insurance policies have these characteristics:

  • Policy Limit (death benefits)
  • Policy Term (last one to 35 years depending on the renewable term life insurance policy)
  • Age
  • Gender
  • Health (determines life expectancy)

A renewable term life insurance company will determine your rates based on these factors. Compare the best insurance companies to get great deals.

If you decide to buy one-year renewable term life insurance, also known as annual renewable term life insurance or ART life insurance, you should know that it works the same as any other term life policy, but you can renew every year without getting another medical exam. The same goes for any renewable term life policy with a renewable term clause.

What are the renewable term life insurance advantages and disadvantages?

One of the most significant benefits of term life insurance is the price. Although it’s more expensive for middle-aged and senior policyholders, it’s cheaper than permanent life insurance.

Life insurance is designed to cover your beneficiaries. A higher coverage limit ensures that your burial expenses and other debts are paid for after your passing.

However, a big disadvantage is that term life insurance costs more as you get older, so permanent life insurance may be more cost-efficient if you’re already paying at least $80 per month.

Also, term life insurance doesn’t have permanent life insurance benefits like whole life insurance and universal life insurance policies.

What are the different types of term life insurance?

There aren’t any investment opportunities with term life insurance. But some term life insurance policies can change to permanent life insurance policies, such as a convertible term life insurance policy which can be converted into a whole life policy later.

You may also be interested in some other common term life insurance policies, including level-term (level-premium) life insurance and return of premium term life insurance.

Level-term life insurance lasts up to 30 years and has a fixed monthly payment. Therefore, you won’t have to worry about any policy increases over time. However, level-term life insurance is more expensive than most term life insurance policies.

Return of premium term life insurance rates are also more expensive, but this type of coverage provides you with a lump sum of all the premiums you’ve paid when you outlive your term life policy.

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Renewable Term Life Insurance: What’s the bottom line?

Renewable term life insurance is an excellent option if you outlive your term life policy and want to keep your life insurance coverage. However, term life insurance with a renewable coverage clause may cost a little more.

Investing in life insurance provides some reassurance to loved ones, so take advantage of cheaper life insurance rates while you’re young.

Now that you know more about renewable term life insurance, use our free comparison tool below to compare life insurance quotes from multiple companies in your local area.

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