You will be flagged as out of compliance and it will just be turned back on.
Do you have to have email on your phone? I have been able to forgo the reimbursement normally and not add the Exchange account to my device and then use an alternative method to check email like an OWA app or the new Outlook app.
Are you on Android? If so, have you looked in to Divide? Not an ideal solution but would keep your work stuff separate from your personal stuff.