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Definitions - Y

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.

Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher since the premium payments are made during a shorter period.