J purchased a Disability Income Policy that can only be terminated by J and has rates that will never exceed the illustrated amounts. What type of policy is this?

The correct answer is a noncancelable policy. A noncancelable disability income policy ensures that the insurer cannot cancel the policy or modify the terms, provided that the premiums are paid as agreed. This characteristic is crucial for policyholders who want stability and predictability in their coverage. It means that the premium rates cannot exceed the illustrated amounts, protecting the policyholder from rate increases as long as they continue to pay their premiums.

In contrast, a cancelable policy allows the insurer to cancel coverage at any time, which offers less security for the policyholder. A guaranteed renewable policy allows for renewal but may permit the insurer to increase premiums based on certain conditions, which doesn't align with the quality of the noncancelable option. A convertible policy refers to a feature that allows the policyholder to convert from one type of policy to another, such as from a term to a permanent policy, and doesn’t relate to cancellation terms. Thus, the attributes and benefits of the noncancelable policy make it the correct answer to the question presented.