Which type of life insurance is known for its annual renewable feature?

The type of life insurance that is known for its annual renewable feature is term life insurance. This is because term life policies typically offer a specific coverage period, such as one year, and at the end of that period, the policy can be renewed for another term without having to undergo a medical examination, although the premium may increase based on the insured's age or health changes.

This feature contrasts with other policies like whole life, which provides coverage for the entire lifetime of the insured and builds cash value, or universal life, which combines lifetime coverage with an investment savings component but usually does not have the same annual renewal feature inherent to term policies. Variable life insurance involves investment options and does not offer a straightforward annual renewable feature either. Therefore, term life insurance’s provision for renewal makes it distinct in this regard.