When it comes to choosing a disability insurance policy, there are many things to consider not the least of which is the amount of the policy, and how you can balance your financial needs with the cost of the premium. There are many considerations when it comes to disability income insurance policies – all of which will undoubtedly affect the amount of your premium payments. One such consideration is that of renewable options.

When we speak of renewable options with disability insurance policies we are referring to the extent of which the policy can be changed after it is purchased. The different types of renewable options include:

* Non-Cancellable and Guaranteed Renewable: This kind of disability insurance policy essentially says that once you buy the policy, nothing about the details will change unless and until you wish to change them. This means that your premium will stay the same, your coverage time period will stay the same, and the length of your wait for benefit period will stay the same until the agreed upon age written into the policy. This is especially noteworthy as with this type of disability insurance policy benefits do not change if your life circumstances do including your health, your income, or your career.

* Guaranteed Renewable: This type of disability insurance policy gives you a standard amount of time during which the policy will not change (as long as the policyholder makes their premium payments on time). After this period of time, changes can be made to the policy but are not made on an individual basis; rather they are changes made to all like policies at once.

* Conditionally Renewable: This type of disability insurance policy can change year to year depending on your insurance carrier. Your premium may be cheaper but it’s often not worth the possibilities that could surface on a yearly basis.

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