Which type of life policy can be continued year after year without a required medical examination, but rates are dependent on the insured's current age?

The renewable term policy is designed to provide coverage that can be renewed each year without the necessity of undergoing a medical examination. This feature makes it particularly advantageous for individuals who may not want or be able to go through the underwriting process repeatedly.

The key characteristic of this type of policy is that each time the policy is renewed, the premium rates are adjusted based on the insured's current age, reflecting the increased risk of insuring someone who is older. This structure allows policyholders to maintain coverage even if their health changes over time, while also acknowledging that the likelihood of mortality increases as individuals age.

This flexibility makes renewable term life insurance appealing for those seeking short-term coverage with the option for long-term security, albeit with increasing costs that correlate with the insured's advancing age.