What is the right of the policyholder to renew their term life insurance policy at the end of the term called?

The right of the policyholder to renew their term life insurance policy at the end of the term is known as being renewable. This feature allows policyholders to extend their coverage for another term without needing to provide evidence of insurability, meaning they do not have to undergo a new medical exam or provide new health information.

Renewable term life insurance policies are particularly beneficial for individuals who may have developed health issues during the initial term, as they can continue their coverage despite changes in their health status. This feature offers peace of mind and ensures that the policyholder's beneficiaries remain protected in the event of their death during the renewed period.

In contrast, other terms such as convertible refer to the ability to change a term policy into a permanent one, adjustable relates to changing the face amount of coverage, and reinstatement involves restoring a lapsed policy by meeting certain conditions. These concepts are all distinct from the right to renew a term policy.