What happens if I end my insurance policy early?
If you want to cancel your policy after the cooling-off period you should check your insurance policy. Most insurers will give you a refund if you have not made any claims during the policy year but you will usually have to pay administration fees.
Can I cancel my insurance policy?
If you changed your mind during free look period, you can cancel your life insurance policy without any penalty. In fact, you can even get a refund, minus any administration fee.
Is there a penalty for Cancelling an insurance policy?
During surrender period, which is the first few years of your life insurance policy, a penalty or surrender charge can incur. After a certain period of time, your policy will hold cash value which, once the policy is surrendered, can be withdrawn. This is known as the surrender value.
Do I get money back if I cancel my life insurance?
If you stop paying the premium for your term life insurance policy, your policy will be automatically cancelled, all your coverage will be halted and you won't get a refund.