• Renewable life insurance can protect your family.family image by Mat Hayward from Fotolia.com
  
  Renewable life insurance allows individuals to purchase life insurance without worrying about whether they will requalify for coverage at some point in the future. Annual renewable term life insurance is the most basic type of renewable insurance. Level term insurance also exists to fulfill the need for a renewable policy, but level premium life insurance inflates the premium amount of the policy, investing excess premiums to hold down the future cost of insurance.
  
  

Renewable Feature

• As the name suggests, a renewable life insurance policy offers a renewable provision. This allows you to purchase the policy one time and hold it for as long as you can afford to pay the premiums. The renewable feature differentiates this type of policy from those with set maturity dates. Renewable life insurance is also known as "guaranteed renewable life insurance" and typically refers to term life insurance, specifically annual renewable term life. However, level term life can be given a renewable feature, making it renewable term life insurance.
  
  

Waiver of Premium

• Many renewable policies offer a waiver of premium. The waiver of premium rider will pay the premiums for you if you become disabled. This policy feature can ensure that you do not lose your coverage due to disability and can be helpful given that premiums on renewable policies may rise each year.
  
  

Option to Convert

• Your renewable policy often has a provision for conversion to a permanent life insurance policy. While the provision may mandate that a lower face amount of insurance must be purchased for the conversion, the option allows you to fight the rising premiums by leveling out the premium payments using whole life, variable life or universal life insurance.