A Renewable Term Life Insurance Policy is a type of life insurance that offers coverage for a specific period, with the option to renew the policy at the end of that term. This policy provides a death benefit to the beneficiaries if the policyholder passes away during the coverage period. However, if the policyholder outlives the term, the coverage ceases to exist.

Upon the policy's expiration, the policyholder has several choices to consider. They can opt to renew the policy for another term, allowing them to maintain their life insurance coverage. Alternatively, they may have the option to convert the policy to a permanent life insurance policy type (if available), which provides lifelong coverage and potential cash value accumulation.

If the policyholder decides to renew the policy, a new medical examination is typically not required. Instead, the premium for the renewed policy will be based on the attained age of the policyholder at the time of renewal.

The flexibility and affordability of Renewable Term Life Insurance make it an attractive choice for individuals seeking temporary life insurance protection with the option to extend coverage or transition to permanent insurance as their needs evolve.

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