Renewable term assurance is is ordinary level term insurance
but with a special feature built into the plan.
Subject to acceptance at the beginning of the plan, this
feature allows you to renew the plan before the end of the
term for the same term again.
However most importantly you can renew the plan regardless
of your state of health at the time you wish to exercise
your renewable option.
This means if you do a renewable plan for 15 years you do
have the option, even if you suffer a serious illness, to
renew the plan for a further 15 years before the end of the
original term. All you pay at renewal is the premium due to
a healthy person of the age at the time you make the
renewal.
Like all types of life insurance you can also have
additional benefits such as Critical illness and waiver of
premium benefit. |
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