Daily Point 2142 - Yearly Renewable Term (YRT)

 

The Banking Tutor

                              Daily Point 2142

Yearly Renewable Term (YRT)

 

Yearly renewable term is a one-year temporary life insurance policy that automatically continues each year at the same death benefit. When someone buys a YRT insurance policy, the premium quoted is for one year of coverage based on the insured's current age. Premiums then increase annually to cover the increased risk of death as the insured ages while keeping their policy in-force.