A term life insurance policy that allows the policyholder to renew the policy (typically at a higher premium rate) after the policy has matured. For instance, if an individual has a term life insurance policy that is scheduled to mature in 2020, he/she is given the ability to renew the policy at that time instead of having to open up another policy. In most cases, the monthly premium escalates to an unfavorable rate, prompting the policyholder to purchase another policy.