Annual Renewable Term Life Insurance

Annual renewable term life insurance (ART) is a type of term life insurance policy that allows you to purchase one year of coverage at a time. At the very beginning of setting up an annual renewable term life insurance policy, you will lock in a period of insurability.

You can lock in a set amount of coverage between five and 30 years, which you can renew annually with no proof of insurability, i.e. no medical exam or medical questions. During this time frame your premiums are assessed each year and will increase as you get older, unlike level term life insurance.