What best describes annually renewable term insurance?

Annually renewable term insurance is a type of life insurance that provides coverage for one year at a time, with the option to renew it each year without needing to requalify for health or other underwriting criteria. The premium typically increases with each renewal due to the policyholder's age and changing risk factors. This type of policy is often more affordable initially compared to permanent insurance but may become costly over time as premiums rise. It's suitable for individuals needing temporary coverage or those who anticipate changing their insurance needs in the future.