What option in term life insurance allows the insured to continue purchasing the same policy without demonstrating insurability?

In term life insurance, renewability is a key feature that allows the insured to extend their policy for an additional term without needing to demonstrate insurability again. This means that when the initial term of the policy expires, the policyholder can renew the coverage for another term at a specified premium rate, which may be based on the insured's age at the time of renewal, rather than their health status. This is particularly valuable for individuals who may develop health issues over time, as it provides continuous coverage without the risk of being denied due to changes in health.

On the other hand, convertibility allows the policyholder to convert their term policy into a permanent policy, but this typically involves underwriting and may require demonstrating insurability depending on the insurer's rules. Extensibility and transferability are not standard terms associated with basic term life insurance policies and do not provide the same benefit as renewability in maintaining coverage without re-evaluation of health status.