If your term life insurance policy is renewable, it means you have the option of continuing your coverage for another term once your current period ends.
Renewable term life insurance keeps you covered, but there’s a catch. With a 20-year policy, your coverage automatically renews for another 20 years after the initial term ends. The catch? Your premiums will likely go up, sometimes significantly, because you’re older. It’s smart to shop around for new quotes when it’s time to renew to make sure you’re still getting the best deal.