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 renew your life insurance coverage, it will cost you more – you’ll be charged a higher premium based on your age at the time of renewal.
Learn more about a term policy with a renewability option and how it works.
