What Is Renewable And Convertible Term Life Insurance? 
That is a great question ! The term policy that you are looking at will allow you to renew it , or extend it yearly after its term period has ended . That is both a good and a bad thing , as it 's good to be able to renew it , but bad in that the price will jump hugely each year that you choose to renew it . Generally you can find a cheaper policy , so renewing is n't that great a perk . Now converting it is a better option . Your policy will allow you to change your term policy into a much smaller whole life policy , usually without having to have any medical exams . That is a good thing ! I hope that helps , thanks for asking ! 