Annually renewable life insurance cover

What is annually renewable life insurance?

Annually renewable life insurance provides cover in 12-month periods. Your policy renews each year, at which time you will have the option to change or cancel your policy.

Because premiums are age-related, they typically start off cheaper when you’re young and increase gradually over time.

With life insurance from William Russell:

• You can renew until age 74¹
• If you experience an illness or injury during the term of your policy, your premiums won’t be affected²

Annually renewable life insurance provides straightforward protection with ample flexibility, providing a simple guarantee that your family and loved ones will be covered should you pass away.

¹So long as you take out your policy before your 61st birthday and remain continuously covered by us (otherwise cover can last until you’re 69).
²So long as you remain continuously covered by us.

Is annually renewable life insurance flexible?

Annually renewable life insurance operates on a one-year, automatically renewing contract, rather than a fixed term such as 10, 20 or 30 years.

Because of this structure, you have the opportunity to review your cover each year and ensure it still reflects your current circumstances.

This means you can:

• Review and adjust your cover each year as your financial responsibilities change
• Reassess your needs after major life events or international moves
• Respond to changes in income, location, or family circumstances

Rather than being locked into a long-term decision, your cover can evolve with you, helping ensure it remains relevant as your life changes.

Why is annually renewable life insurance a good option for expats?

For expats and internationally mobile individuals, flexibility isn’t just a preference, it’s often a necessity.

An annually renewable policy can be particularly useful if you are:

• Living or working in multiple countries: Life insurance that suits you in one country may not be suitable in another; annual renewal gives you the option to adapt as you move.
• Going through major life changes: Whether you’re starting a family, buying property, or building a business abroad, you can adjust your cover to reflect your new responsibilities.
• Developing your career internationally: If your income or job situation changes over time, you can review your level of cover to keep it aligned with your needs.
• Experiencing changing financial priorities: A shorter commitment can be helpful if your financial situation is evolving or uncertain.
• Earlier in your career: Premiums are typically cheaper when you’re younger, which can make annually renewable cover a more accessible starting point.

Rather than being locked into a long-term decision, your cover can evolve with you, helping ensure it remains relevant as your life changes.

What is term life insurance?

Term life insurance is a policy that provides cover for a fixed period of time, such as 10, 20 or 30 years. If you pass away during the term, the insurer pays a lump sum to your chosen beneficiaries.

In return, you pay regular premiums throughout the policy term. In many cases, these premiums are fixed, which can make long-term costs more predictable.

Term life insurance is often chosen by individuals who want stability and long-term certainty, particularly when planning for financial commitments such as mortgages or family protection.

Is term life insurance suitable for expats?

Term life insurance can be a good option for long-term financial planning. However, for expats or internationally mobile individuals, there are a few considerations to keep in mind:

1. Long-term commitment in one location: Term policies are typically designed around a fixed country of residence. If you move abroad, your policy may not always remain suitable or valid without adjustments.
2. Less flexibility if circumstances change: Once your policy is in place, it can be difficult to adjust your cover if your income, lifestyle, or location changes significantly.
3. Reapplying later can be more complex: If you need to take out a new policy after your term ends, premiums are likely to be higher due to age. You may also need to go through medical underwriting again.
4. Not always suited to short-term or transitional needs: If you’re relocating, working on international assignments, or unsure where you’ll settle long-term, a fixed-term policy may not offer the flexibility you need.

Notes on our life plans

We show the benefits on this webpage in US dollars, but we can also denominate your policy in pounds sterling or Euros. You won’t find complete information for our plans on this webpage, nor the full T&Cs, limitations, and exclusions that would apply if you purchase a life insurance policy. You can find complete information in the plan agreement, which we suggest you read together with this webpage. We work hard to ensure the information we provide on this webpage is accurate and up-to-date, but inaccuracies are possible. We rectify errors as soon as we become aware of them. The T&Cs that apply to your policy are those found in your plan agreement.