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Renewable Life Insurance
A Renewable Life Insurance is simply term life cover that has an option to extend the coverage term for a set period of time without having to do fresh medical underwriting. To qualify for renewal, the premiums have to be up to date and the renewal premium being paid by the beneficiary.
A renewable term clause would always be beneficial especially if the need for cover is likely to persist beyond the initial cover term. Your future health circumstances are unpredictable so the ability to extend cover time without further medical checks is always a great option.
In terms of premiums, a Renewable Life Insurance is more expensive than a standard life insurance without a renewable term clause because of the benefit of extending cover time. Whilst the renewal is done without need for new medical checks the premiums will be increased to reflect new age of the policyholder, but insurability is guaranteed. This provides peace of mind especially if it happens that you want cover to continue but have developed new medical conditions that may disqualify without a renewal clause.
A Renewable Life Insurance remains a term policy and one may only renew up to a certain age beyond which it expires.