Yearly Renewable Term (YRT)
Most group life insurance in force today is YRT. Although it is assumed that the coverage will renew each year, there is a year-end calculation based on the present ages of the participants. If there bas been no employee turnover during the year, the rate should increase because all employees will be a year older. In practice, when older people retire, they are replaced by younger workers, so the life rate might actually go down.