Definitions for "Renewable Term"
A form of term insurance whereby the certificate owner has the option to renew the certificate for additional terms without evidence of insurability, subject to payment of the renewal premiums.
A renewable term gives the policy holder the option to renew a term life insurance policy without the need for further health checks.
Term insurance which can be renewed at the end of the term, at the option of the policyowner and without evidence of insurability, for a limited number of successive terms. The rates generally increase at each renewal as the age of the insured increases.