A
life insurance policy that provides
coverage only for a certain period of time, but which may be renewed at the end of that period. A term life insurance policy provides a benefit upon the death of the
policyholder, but ceases to provide this benefit if he/she is still alive when the policy expires. Upon expiration, the policyholder may decide to renew the policy or let it lapse. If the policy lapses, the policyholder is not reimbursed for the
premiums paid over the life of the policy. Like other term life policies, renewable term life insurance does not include some of the other benefits of a
whole life policy, such as a
savings component.