Additionally, most annual renewable term policies offer a conversion feature that allows you to exchange a term policy for a whole life or universal life policy without proof of health. (termland.com)
You'll want to avoid annual renewable term policies if you need the insurance for a longer time than just a couple of years. (termlife-insurance.com)
Overall, annual renewable term policies start cheaper than level term policies but they cross somewhere during the term and become more expensive. (termlife2go.com)