Cancel a life insurance policy

How to cancel your term life insurance policy 1. Stop paying premiums. If you don’t pay your premium within the grace period — the 30-31 days after your premium 2. Write a letter. Provide written notice to your insurer that you’d like to cancel your policy. Some policies detail in 3. Call your

The one exception to this is if you have whole life insurance and cancel in the first 10 to 20 years. You may have built up equity for all of the payments you have made so you may receive a lump sum payment from your insurer. Can you cancel a life insurance policy at any time?

If you realize within that period that you have changed your mind about buying the policy, you can call or write to your insurer to cancel and any premiums you have paid will be fully refunded. After the free look period, however, how you cancel depends on the type of policy you have.