Or RTA as it is also known.

This is very similar to convertible term in so much that it allows you to do something with the plan regardless of your state of health in the future ie free of medical underwriting.

This plan differs in so much that it will only allow you to renew the plan and not convert it to any other type of plan
This is generally Level Term Assurance and is designed to provide basic term assurance cover at outset with the option to convert to other types of policy such as Whole Of Life Insurance in later years as your personal and probably financial circumstances change.

There will be restrictions on the types of policy which it can be converted to and on the dates when conversion is allowed.

Normally, conversion can take place without any additional medical information or any underwriting and this is the main reason for selecting this type of cover as it will ensure you qualify for the more expensive cover at the outset regardless of your state of health in the future.

There is usually a nominal cost at outset for this type of plan as the insurer is taking an unforeseen risk to provide cover in the future.

You will also find that this cover will normally only be available to people with little or no adverse medical history.