Renewability is a feature available on many term life insurance policies that allows the policy owner to renew coverage at the end of the policy term without having to answer health questions or undergo a medical exam. This feature generally carries an age limit.
A provision in term policies that allows the insured to renew his/her policy for another term without proof of insurability. The best type of renewability, from the insured's viewpoint is the "guaranteed renewable provision".
The policy provision that details the conditions upon which the insurance company agrees to continue to insure the disability income policy. Examples: Non-cancelable, Guaranteed Renewable, Conditionally Renewable.