What happens if you cancel a life insurance policy?
When you cancel a life insurance policy, you could be entitled to money from your insurance company. However, potential compensation is based on the type of life insurance policy you have. If you cancel a term life insurance policy, you will not receive any money. You stop paying the monthly premium and your coverage ends.
What is the cooling off period with my life insurance?
There is a cooling off period with your life insurance; if you cancel your policy within 30 days of receiving both the notice and the policy, we will refund any premiums paid. If you cancel your policy after this date, you won't be refunded. Once a policy has been cancelled, no further premiums will be payable, but your cover will end.
How do I cancel my car insurance policy?
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.