Francesca brown has a life insurance policy that provides her with protection for the next 10 years. However, she can get five more years of protection at the end of this term without having to have a medical examination until she reaches the age of 70. Her premiums will rise during each five year period. What type of life insurance does francesca likely have?
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Renewable term insurance
Explanation:
- Renewable insurance policy allows the holder to extend his/her coverage term for another time period.
- There is no condition for the person to re-qualify for the new coverage
- Francesca has a renewable insurance policy that's why she can get five more years of protection at the end of the term
- The policy has added this clause because future circumstances are unpredictable
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