Renewable Term Life Insurance Law and Legal Definition

Renewable term life insurance is a life insurance policy that provides coverage only for a certain period of time. However, it can be renewed at the end of that period. In other words, it is a term life insurance policy that allows the policyholder to renew the policy after the policy has matured. A term life insurance policy provides a benefit upon the death of the policyholder. However, this benefit is not provided if s/he is alive at the time of policy expiration. Upon expiration, the policyholder may decide to renew the policy or let it lapse. If the policy lapses, the policyholder is not reimbursed for the premiums paid over the life of the policy.