What does a renewable provision in term insurance allow?

A renewable provision in term insurance allows the policyholder to renew their term policy upon its expiration without needing to provide evidence of insurability. This means that if the insured's health condition changes during the life of the policy, they still have the right to renew the policy without having to undergo a medical exam or provide proof that they are still insurable. This feature is crucial as it provides security and peace of mind, allowing individuals to maintain their coverage even if their health situation has deteriorated.

The other options do not accurately reflect the function of a renewable provision. While policies can indeed have changes in benefits or ownership, these elements are not directly tied to the concept of renewal without the need for evidence of insurability. Additionally, the potential for increased premiums is a separate consideration that is not inherently linked to the renewable aspect of the term insurance policy. Therefore, the correct interpretation lies specifically in the ability to renew coverage without the usual underwriting requirements.