Jargon Buster - Definition of Yearly Renewable Term Insurance (YRT)
Please select your letter of choice below to see the list of terms:
- Yearly Renewable Term Insurance (YRT)
is a life insurance policy that gives the owner the option to renew the contract each year. In most cases a term must have been predetermined as a maximum policy length and once this has been reached, the policy can no longer be renewed.
The advantage of a Yearly Renewable Term Insurance policy is that the premiums often start quite low, this however is offset by the fact that your premiums are likely to increase each year and there is no limit on the increase. This makes the policies risky in comparison to term life insurance with guaranteed premiums, whereby your premiums are guaranteed and will not increase throughout the term of the policy.
One of the leading providers of Yearly Renewable Term Insurance in the UK is Synergy Financial Products Ltd who offer a life insurance policy where the premiums are reviewed each year.
Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.
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