What does Renewable mean in regard to a term life insurance policy?
It means that the life insurance policy can be renewed at the end of the policy term such as 1, 5, 10, 15, 20 or 30 years. This occurs with renewable term life insurance. The policy has an age limit during which time you can renew the policy without medical questions and after which time the life insurance policy may not be renewed. The renewal rate, however will be at a higher premium since the cost is based on your age at time of purchase.
