The yearly renewable term insurance policy, sometimes referred to as the policy, needs some explanation. I think of this policy as a pressure policy if you intend to keep it for more than one year. Here is why I feel this way. When you buy the yearly renewable term insurance policy the premium you are quoted is for you at the given year that you request the quote. At this same time next year you will pay a premium for a person in your same exact situation but one year older. The following year the premium increases again as you will be paying a premium for a person two years older.

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