How can i cancel my insurance policy

Some policies are automatically renewed each year. Occasionally your insurer may wish to cancel your policy. They are only likely to do this if they believe:. In most cases your insurer will wait until the policy needs to be renewed then refuse to renew the policy. If your cooling-off period has ended, work out whether it will be better to wait until your policy needs to be renewed, rather than cancel straight away.

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The information on this site does not modify any insurance policy terms in any way. Whether you purchased your life insurance policy last week or several decades ago, you may at some point decide that it is no longer in your best interests to have it. Fortunately, cancelling a life insurance policy should be easy. Depending on the type of policy you have, you can either stop paying the premiums, or surrender your policy.

Like with auto insurance , you can typically cancel a life insurance policy at any time, and you usually do not have to pay a cancellation fee. Some might say it is more important than ever to have solid life insurance coverage during the coronavirus pandemic, but what do you do if you have been furloughed or laid off and are no longer able to pay your life insurance premiums?

Can you keep the policy but make arrangements with your insurer that work better for you? You have some options here, depending on the type of insurance policy you have and when you got it:.

Canceling a life insurance policy is typically not hard. Health Insurance. Motor Insurance. Other Risk Covers. Personal Finance News. Mutual Funds. How to cancel an insurance policy during free-look period and get a refund. Rate Story. Font Size Abc Small.

Abc Medium. Abc Large. Getty Images In case of online sale of policy, the free-look period of 15 days is extended to 30 days. The law allows 15 days as free-look period from the date of receipt of the policy document to the policyholder. The policyholder is allowed to cancel the policy during this period and get a refund Types of policies Free-look period is available only for life insurance policies.

For health insurance policies, the term should be at least three years. Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.

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