Rebirth
Resuscitation, Rehabilitation
noun, verbal noun
Again you have life! Either this is a rebirth of some kind, or you have received resuscitation and another shot at life. Whatever it is, you have life again, so that's great!
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
彼女は自分の息子は更生の見込みがあると信じている。
She believes that there is hope of rehabilitation for her son.