Yearly Renewable Term (YRT)

Yearly Renewable Term (YRT) is a life insurance policy that provides coverage for a specified term of one year. It is a renewable policy, meaning that at the end of each year, the policyholder has the option to renew the policy for another year. This renewal typically does not require additional underwriting or medical examinations. However, the premiums may increase with each renewal based on the insured individual's age and any changes in their health status. YRT policies offer flexibility as they allow policyholders to reassess their insurance needs on an annual basis and make adjustments accordingly.