Guaranteed 10-year Renewable and Convertible Term

One of the most popular forms of term insurance is guaranteed 10-year renewable and convertible term. This is affordable, flexible protection for your growing family or business.

Premium rates are fully guaranteed and will not change prior to the next renewal period. The policy can be renewed, every 10 years, to age 75 and in some cases to age 100. Renewal rates are guaranteed and are based on your age, in addition to other factors, at the time of renewal. The policy automatically renews on the 10th anniversary, even if your health has deteriorated, or it can be converted, usually before age 75, to a level premium permanent life-long insurance plan, regardless of your health.

Because the premiums renew every ten years, the initial premiums are quite reasonable and they stay level for ten years at a time. Since age is a major factor in pricing insurance, the cost will most likely increase every 10 years. At renewal, if you are in good health, you may wish to re-apply for a new policy at lower rates than the guaranteed renewal rates.

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