What Is Annual Renewable Term Life Insurance? 
That means that the policy automatically renews each year without any underwriting . Typically all term products have the annual renewable option . The pricing is dependent upon which product you choose . If you select a 20 year term policy , the premium is the same for 20 years and then the policy will automatically renew at the premium required at the age you are after 20 years . If you have a life insurance illustration from your agent , you will see what the premium is every year even after the `` term '' has expired . 