Is Term Life Insurance Renewable?

Yes, term life insurance policies are renewable. You may however need to purchase the rider for relabel coverage.

With renewable term life insurance the insured person has the option to renew the term life insurance policy when the current term of the policy ends. So, if you have a 10 year term life plan, you could renew the policy for another term at the end of the 10 years.

Your renewal premium will be based on your age at the time of renewal. However, you are not required to take a physical exam with renewable term life insurance, and your health is not a factor in determining your renewal rate for your renewable term life insurance policy.

Learn more about how renewable term life insurance plans work.