Glossary of Insurance Related Terms

Yearly Renewable Term (YRT)

A Term Life insurance policy that provides a level death benefit with premiums that increase each year with the insured's age. YRT provides financial protection only in the event of death and has no cash value. Also known as Annual Renewable Term (ART) or One Year Term.

Yearly renewable term (YRT) insurance

Term life insurance that gives the policyowner the right to renew the coverage at the end of each year. This renewal right continues for a specified number of years or until the insured reaches the age specified in the contract.

Years Certain Annuity

A contract sold by a life insurance company that provides fixed or variable payments to an annuitant, either immediately or at a future date.