renewable and convertible (R&C) term life insurance

Renewable and convertible (R&C) term life insurance refers to a form of term life insurance that is usually issued for a period of 1 or 5 years that can be renewed for additional terms or can be converted to a permanent or cash value policy.

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R&C term life insurance is usually used for individuals with short-term, high-value life insurance needs, such as to cover a short-term business loan, where the lender requires the coverage.