What type of Disability Income Policy allows only the policyholder to terminate it, with rates that cannot increase beyond illustrated levels?

A Noncancelable Disability Income Policy is one where the policyholder has the exclusive right to terminate the policy. This means that as long as the premiums are paid, the insurer cannot cancel the policy. Additionally, the rates in such a policy are locked in and cannot increase beyond the levels that were illustrated at the policy's inception. This feature provides significant security to the policyholder, as they can budget for their premiums without the concern of unexpected rate hikes.

In contrast, Guaranteed Renewable policies allow the policyholder to renew the policy but do permit the insurer to increase rates based on certain factors, such as the overall class of insureds, not the individual. Conditionally Renewable policies may have specific conditions under which they can be renewed, potentially leaving the policyholder vulnerable to the insurer's decisions. Term policies do not provide disability income benefits; they are generally designed for life insurance purposes where the coverage is only in effect for a specified term. Thus, a Noncancelable Disability Income Policy stands out as offering the most robust protection for the policyholder in terms of renewability and premium stability.