What does "renewability" mean in a term life insurance policy?

Renewability in a term life insurance policy refers specifically to the ability of the policyholder to extend the coverage beyond the initial term without the need for additional medical examinations. This feature is particularly important because it allows individuals to maintain their life insurance protection even if their health declines or if they develop new health conditions that might otherwise make it difficult or costly to obtain a new policy.

Term life insurance is typically purchased for a specified period (e.g., 10, 20, or 30 years), and as this period comes to an end, the option to renew enables the policyholder to continue their life insurance coverage. This is a significant advantage for many individuals who want to ensure that their loved ones remain protected against financial hardship in the event of their untimely death, regardless of how their health status may change in the future.

The other options presented, while relevant to aspects of life insurance, do not accurately define "renewability" in the context of a term life insurance policy.