What is a characteristic of renewable term life insurance?

Renewable term life insurance is designed to offer policyholders the flexibility and convenience of renewing their coverage without undergoing the process of proving their insurability again. This means that as long as the policy is renewed within the specified terms, the insurer cannot deny renewal based on changes in health or other risk factors that could affect premium rates.

The ability to renew without having to provide evidence of good health is a significant advantage, especially for individuals who may develop health issues over time. This feature provides peace of mind, ensuring that coverage continues even if personal circumstances change.

The other characteristics mentioned in the options focus on features not typically associated with renewable term policies. For instance, renewable term life insurance does not provide cash value benefits, which are generally associated with permanent insurance products. Furthermore, it does not require a new application at each renewal, as that would defeat the purpose of the renewal option. Lastly, the nature of renewable term insurance is explicitly defined by the ability to renew under existing conditions, which negates the idea that it cannot be renewed at all.