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Disability Income Insurance: Individual: 101

Types Of Disability Insurance Policies

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There are three types of individual disability contracts:


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.


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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