Tom has a term life insurance policy which will expire at the end of the year. He is trying to make a decision on whether to renew the existing term life policy or purchase a new policy. He has heard various suggestions and is unsure what he should do. Which of the following statements regarding renewing term life insurance is incorrect? Question 25 options: Tom must ensure that the existing policy has a renewable clause and that he is within the age requirements of the renewable clause Before buying a new term policy Tom should compare the current premiums for renewing his existing policy, to the premiums charged in buying a new policy If Tom purchases a new term policy with the exisiting life insurance company the suicide and incontestability periods are waived Purchasing a new term policy may offer lower rates than exercising the renewable clause on his existing term policy