What is another name for annually renewable term insurance?

Annually renewable term insurance is also referred to as yearly renewable term (YRT) insurance because this type of policy is designed to provide coverage for one year at a time, with the option to renew each year without undergoing additional medical underwriting. The term "yearly" emphasizes the basis of the coverage being assessed and renewed on an annual basis, which is fundamental to the structure of this insurance product. Consequently, as the policyholder ages, the premiums may increase upon renewal since they are based on the insured's current age. This terminology aligns with the nature of the policy, indicating its renewable feature and the annual cycle of renewal, thus making it a commonly accepted alternative name in the insurance industry.

The other choices do not accurately reflect the specific characteristics or industry terminology used to describe this type of insurance.