It's easy to confuse renewable term life insurance with convertible term life insurance. Renewable term allows you to extend your current term life coverage. Convertible term gives you the option to convert your term life coverage to permanent coverage at any point during your term or before you turn 70, whichever comes first. In both cases, you don't have to reapply for insurance. With convertible term, though, you'll end up with a permanent life policy, which is more expensive but lasts for your entire lifetime. With renewable term life insurance, you'll keep your same term life policy for as long as you renew.