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Life Settlement
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DEFINITION OF RENEWABLE TERM


A life insurance policy that provides coverage only for a certain period of time, but which may be renewed at the end of that period. A term life insurance policy provides a benefit upon the death of the policyholder, but ceases to provide this benefit if he/she is still alive when the policy expires. Upon expiration, the policyholder may decide to renew the policy, convert the policy to a permanent policy type (if available) or let it lapse. Generally, the premium outlay does not require a new medical examination but will be based on the attained age at renewal.

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