A renewable term life plan means you may renew your coverage for an additional term if you choose to, and advise the insurance carrier by a specific date stated in your insurance contract.
What is Renewable Term Life Insurance?
It’s life insurance coverage that is renewable at the option of the insured, who is not required to take a medical examination.
Regardless of physical condition, the insured must be allowed to renew the policy and the premium cannot be increased to reflect any adverse physical condition.
However, the premium of each renewal increases to reflect the life expectancy of the individual at that particular age.
Learn more about extending a term life policy.