Content Overview 
- Summary
- Types Of Disability Insurance Policies
- Definition of Total Disability
- Partial Disability Definition
- Elimination Period (Also Known As "Waiting Period")
- Benefit Amount
- Maximum Benefit Period
- Exclusions And Limitations
- Partial Disability or Residual Benefit
- Rehabilitative Training Or Employment
- Recurring Disabilities Provision
- Waiver Of Premium
- Riders: Guaranteed Insurability, Social Security Offset, Cost Of Living
- Insurance Company Financial Situation: How To Check
- Taxation of Benefits
- What To Expect When Applying For Disability Insurance
Disability Income Insurance: Individual: 101
Types Of Disability Insurance Policies
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There are three types of individual disability contracts:
Commercial
In commercial contracts, the insurance company retains the right to raise the premium at any time and may cancel the contract at its discretion.
As might be imagined, commercial contracts are not popular among buyers.
Guaranteed Renewable
The insurance company can neither cancel nor alter the provision of a policy that is guaranteed renewable.
The insurer cannot raise a particular individual's premiums. However, the insurer can raise the premiums for everyone who has purchased the same type of contract.
Noncancellable
Policies that are noncancellable cannot be terminated, amended or extra premiums charged by the insurance company as long as the insurance policy is in effect.
This is the most expensive type of policy because it locks the company into a permanent contract with a pre-set price.
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