A renewable policy allows the policy owner to renew the plan with the same term and face value without having to provide medical credentials until required within the policy. Renewal terms vary from 5, 10 and 20 years. I.e. a 10-year renewable policy will renew every 10 years without the need to provide medical information for insurability. The premium must increase due to a greater risk of mortality over time.
A policy will always be considered non-renewable unless explicitly stated otherwise.
A convertible policy allows the policy owner to convert to permanent insurance for the same or less face value without having to provide medical credentials. Conversion is a feature that allows a person to maintain their insurance, which might not be provided because of poor health when their expiry expired.
