Disability Insurance Basics
What is a conditionally renewable disability insurance policy?
A conditionally renewable disability insurance policy allows the insurance company to cancel the policy or raise premiums under certain conditions specified in the policy. Conditionally renewable policies provide less protection than guaranteed renewable or non-cancelable policies.
Key Points
- Conditionally renewable: company can cancel or raise premiums under certain conditions
- Less protection than guaranteed renewable or non-cancelable policies
- Conditions for cancellation: specified in the policy
- Less common in individual disability insurance
- An independent agent can help you find policies with stronger renewability provisions