Isaac has a 10-year renewable term life insurance policy and the current term expires in two months. He has shopped the market and finds that other companies are quoting premium rates for a new 10-year term policy on Isaac's life at a rate lower than the renewal rate guaranteed under Isaac's existing policy.

Why would that be and what factors should Isaac consider before deciding to cancel his existing contract?

A.) The renewal rate for his existing policy is based on his current age, which is of course, 10-years older that his age was at policy issue. The competing insurance company may have even higher rates at next renewal.

B.) The renewal rate for his existing policy is guaranteed regardless of Isaac's current health. The competing insurance company will likely not offer guaranteed renewal rates in the future.

C.) The renewal rate for his existing policy is guaranteed regardless of Isaac's current health. He would have to provide medical evidence of insurability if he wanted to change to a policy with another insurer.

D.) The renewal rate for his existing policy is based on his current age which is, of course, 10-years older that his age was at policy issue. He would have to provide medical evidence of insurability if he wanted to change to a policy with another insurer.