What Is Renewable And Convertible Term Life Insurance? 
Renewable and convertible term life insurance policies have features that allow you to do the following . 1 -RRB- Renewable . This means that you can renew your policy to last beyond the term period that you purchased . E.g A 10 year term policy may be renewable to age 80 , with the premium going up each year after the original 10 year period ends . Prices usually jump up drastically after the term ends , so the premium may not be affordable , and will keep going up . But if you only need your policy another year or two , having a renewable option can be helpful . 2 -RRB- Convertible . This feature enables you to convert your life insurance policy to permanent insurance within a certain amount of time . The window for converting is generally a set number of years , or to a certain age . The conversion rate will be based on prices for that policy at the time of conversion , and on your age at the time of conversion . Since permanent insurance costs more than term insurance , and being older increases prices , this also may not be an affordable option . However , conversion premiums are based on the health rating you got at the time your original term policy was issued . Therefore , if you have had a change of health since you took out your term policy , being able to convert it to permanent can be a good option to have . 