Personal Finance

10 yrs renewable life insurance

  • Last Updated:
  • Oct 11th, 2021 1:32 pm
[OP]
Member
Jun 17, 2017
231 posts
31 upvotes

10 yrs renewable life insurance

why is it called "renewable"?
what are the benefits of having this?
1 reply
Deal Addict
User avatar
Oct 13, 2007
4258 posts
3106 upvotes
Edmonton
healsio wrote: why is it called "renewable"?
what are the benefits of having this?
It's called "renewable" because after 10 years, you can just renew the policy without a new application and without answering any medical questions. This is the benefit of it. You will have to pay the increased premium which will likely be substantial after 10 years and each succeeding 10 year period.

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