Which of the following term policies costs the most, all other factors being equal?

The renewable and convertible term policy tends to be the most expensive option among those listed because it offers the most flexibility and potential benefits for the policyholder.

Renewability allows the insured to extend the term of the policy without the need for a medical exam or proving insurability, which is particularly valuable as one ages. This feature can lead to higher premiums as the risk of claims increases over time.

The convertibility option allows the policyholder to transition from a term policy to a permanent life insurance policy without medical underwriting. This is advantageous if the insured's health deteriorates since it ensures coverage can be maintained even if the individual becomes uninsurable under standard criteria.

As policies that combine both benefits (renewable and convertible) provide superior flexibility and security, the demand for such coverage is reflected in the higher premiums associated with these policies. In contrast, the other choices either lack one or both of these features, leading to comparatively lower costs.