Generally, there are three major types of individual long-term disability policies:
(1) Non-cancelable policy: your premiums are fixed over the term of the policy. The insurer cannot jack up the rates, decrease your benefits, cancel or refuse to renew the policy.
(2) Guaranteed renewable policy: your premiums can be raised so long as the change affects an entire category of occupations, policyholders, etc.
(3) Conditionally renewable policies: your premiums can go up and your coverage canceled in the event any conditions stated in the policy are triggered.
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