A Renewable Option is a Clause in a Term life insurance policy that allows you to extend your life insurance coverage beyond the original term, even if your health has declined, usually on an annual basis, and without a medical examination required in order to qualify for the renewal life insurance policy.

You won’t have to re-qualify for a new life insurance policy, but your extended renewable term life insurance coverage may raise your current policy premium. That means, if you want to ren...