What type of insurance allows for renewal after the initial period ends?

Renewable Term Insurance is designed specifically to provide policyholders with the option to renew their coverage after the initial term expires. This type of insurance typically has a specific duration, often ranging from one to thirty years. At the end of this period, the policyholder can choose to renew the policy for another term, often without having to undergo additional medical underwriting, although premiums may be adjusted based on the insured’s age at the time of renewal.

This feature is particularly advantageous for individuals who may want to maintain life insurance protection without the hassle of reapplying or being assessed again for health issues that may have developed since the original application. It provides flexibility and peace of mind for those looking for short to medium-term life insurance solutions.

In contrast, Whole Life Insurance offers lifelong coverage with a cash value component but does not have a renewal provision as typically associated with term policies. Universal Life Insurance also allows for flexible premium payments and focuses on cash value accumulation, but it similarly does not renew after an initial period in the same way that term insurance does. Lastly, Group Life Insurance is usually provided to members of a group, such as employees of a company, and while it can sometimes have renewal features, they operate under different guidelines and are not specifically designed as renewable