Final answer:
Renewable and convertible term policies for total disability provide coverage in the event of a disability, with renewable policies allowing the insured to renew the policy at the end of the term and convertible policies allowing the insured to convert the term policy into a permanent policy without a medical examination.
Step-by-step explanation:
Renewable and convertible term policies for total disability are insurance policies that provide coverage in the event of a disability. Renewable policies allow the insured to renew the policy at the end of the term, while convertible policies allow the insured to convert the term policy into a permanent policy without needing to undergo a medical examination.
For example, a renewable term policy for total disability may provide coverage for a specific period, such as 10 years. At the end of the 10-year term, the insured can choose to renew the policy for another term if they still require coverage for total disability. Alternatively, a convertible term policy for total disability may offer the option to convert the policy into a permanent policy at any time during the term of the policy, providing lifelong coverage for total disability.