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Disability / Salary Insurance - Basic Types

Basic types of policies available on the market are Voidable, Guaranteed Renewable and
Non-Cancellable

  • Voidable
  • Guaranteed Renewable
  • Non-Cancellable

Voidable: A type of policy where the insurer has the right to change the premium, change the content or not renew a certain category of policies. It cannot change the premium or content or refuse renewal on an individual basis. The change must be for all insured individuals that belong to a specific risk class.

Guaranteed Renewable: This is a type of policy where the insurer cannot change the contract guarantees or refuse renewal. It may change the premiums if morbidity differs from its projections. It cannot change the premiums on an individual basis, but it can for a category of insured individuals.

Non-Cancellable:  This is the fully guaranteed policy on the market. Like the Guaranteed Renewable policy, this type of policy cannot have its guarantees changed and the insurer cannot refuse renewal. In addition, it cannot change the premiums.

Determining a price on a disability policy has various variables:

  • Age
  • Gender
  • Health
  • Smoking status
  • Risk class ( type of work an individual does)
  • Income to protect (based on monthly salary)
  • Waiting period (e.g. period to wait 30, 60, 90 days)
  • Duration of payments

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