Which type of Term insurance is typically renewable?

A Level Term Policy is a type of term insurance where the death benefit remains the same throughout the entire term of the policy, typically ranging from 10 to 30 years. While it does not inherently have renewable features, it's important to note that most insurers offer the option to renew the policy upon expiration for another term, often at an increased premium based on the policyholder's age at that time.

However, the most common form of renewable term insurance is the Annual Renewable Term Policy. This type of policy is specifically designed to be renewable every year without the need for further medical underwriting, allowing the insured to maintain coverage as they age, albeit at an increasing cost.

The other types of term insurance—Decreasing Term Policies reduce the death benefit over time, and Convertible Term Policies allow the policyholder to convert to a permanent insurance policy, which are not specifically characterized by renewable features. Thus, while level term policies may be renewable, the distinct characteristic of annual renewable term policies makes them the most typical form recognized for their renewable nature.