Which type of insurance provides coverage for one year and can be renewed without evidence of insurability?

Annually renewable term (ART) insurance is a type of policy that provides coverage for one year at a time and is structured to be renewable upon expiration without requiring the policyholder to provide evidence of insurability. This means that even if the insured's health changes over the course of the year, they can renew their coverage without undergoing the underwriting process again, which can involve health assessments or medical exams.

This feature makes ART a flexible option for individuals who may not want to commit to a long-term policy and might be seeking short-term coverage or who anticipate needing coverage for a limited period. The automatic renewal aspect ensures that the insured remains protected without the administrative burden of reapplying or facing potential denial of coverage due to health changes.

Whole life and universal life insurance, on the other hand, are permanent types of insurance that provide lifetime coverage and incorporate a savings component, but they do not have the same renewal feature as ART. Standard term insurance generally refers to fixed-term policies without guaranteed renewal options. Thus, the main distinction for ART lies in its one-year term and the simplified renewal process, making it the correct choice for this question.