The policy's renewal and rate-change provisions determine the long-term security of coverage.
Non-cancellable (non-can): the insurer cannot cancel the policy, raise premiums, or reduce benefits as long as premiums are paid, typically to age 65. This is the strongest form of contract guarantee and commands the highest premium. Professionals who depend on their specific occupational capacity (surgeons, dentists, pilots) value it highly.
Guaranteed renewable: the insurer must renew the policy to a specified age (usually 65) but may increase premiums on a class basis (all policies in the same occupational class) at renewal. The insurer cannot single out an individual claimant for a rate increase, but the class rate may change. This is a common feature on moderately priced individual policies.
Conditionally renewable: the insurer can decline to renew for reasons specified in the contract (e.g., if the insured retires or leaves a covered occupation). Less favourable than guaranteed renewable.
Optionally renewable: the insurer has the option to decline renewal at any anniversary or premium-due date. This offers the least renewal security.
Commercial / non-guaranteed policies: group policies and association plans typically have no long-term renewal guarantee; the employer or association negotiates terms, and the insurer can change or withdraw the group contract at renewal.