What is renewable term insurance?

What is renewable term insurance?

When you buy life insurance, there is an option for certain policies to have what's called an renewable option. What that basically means is that when you get to the end of the policy, you can actually renew that policy for the same sum insured with no further medical underwriting. But the new premium will actually be at the age you are then. So, what it means is that if you have a ten year policy that comes to an end, you will actually have the option to basically renew that policy again with no paperwork or any further application. What you do need to bear in mind is it will cost you more the second time around.