Fine - in theory, but lacking in fine detail. A renewable term life insurance policy would have cost more in the first place - from the first premium.
Insurance companies aren't complete mugs, you know. They know that if you take out a 10 year policy with the option of a 10 year extension at the same cost, they price it as a 20 year life policy then lop a bit off for the few folks that DON'T renew.
A non-starter, I reckon, as a means of getting the same cover at a similar cost.