I replace alot of pool pump motors every year. Most of the time a squeak mean that the bearings are just starting to go bad. Now I can only speak for those type of motors but they will continue to run, the squeak will just get worse until it is a terrible howl and then the motor will fail at some point after that. Having replaced both bearings and brushes and bushings in several different types of motors, if i could get a cheap motor I would go ahead and change the whole thing out.