Renewable Term Assurance
Renewable term assurance is level term assurance but gives you the opportunity to continue your policy regardless of your state of health at the point of renewal.
You set up your initial policy, for example 10 years, but include the option to renew. At the 10-year anniversary you will be given the option to renew the plan free of underwriting (i.e. no further medical questions) for a further 10 years.
Apart from the renewal option within the plan, renewable term assurance runs in exactly the same way as level term assurance. The premiums may be more expensive at the outset and the life insurance company may not accept you, if you have any health conditions.
Critical illness cover and waiver of premium benefit can also be included if required.