Yes life insurance is a unilateral contract. You can cancel the policy at anytime for any reason. The insurance company is obligated and cannot cancel the contract . The exceptions are for misrepresentation by you during the first two years or in the event of fraud.
Before you cancel, you should explore alternatives with you agent or broker. The may be alternatives such as a policy change available. In addition there may be tax consequences if there is a policy gain.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Yes, once a policy is approved you the policyholder control early cancellation not the insurance company. Their contractual obligation is spelled out in the policy. For example, a 20 year term life policy is guaranteed a level premium for 20 years regardless of change of health, employment or residence. You may cancel anytime by either a written notice on a cash value plan in order to recoop any cash value owed to you or on a term policy, you can just not pay the premium and let it lapse.
It is always advisable to contact your agent or broker to be sure it is wise to drop a life insurance policy.
That is a great question! Yes, you can cancel the contract with the company, and the company can cancel it also. They will cancel the policy if they find that you were dishonest when applying, or failed to make timely payments. You can cancel in writing , or by choosing to no longer make payments. I'd suggest that you speak with an agent before cancelling your policy, there are some things that you should know before you do. If you would like more detail, please contact me, okay? Thanks for asking!
Besides the company that sold the policy, there is only one person that can cancel a life insurance policy, and that is the owner of the policy. No one can call in and cancel a life insurance policy without the policyowner's consent.
That being said, the insurance company itself can cancel a life insurance policy for several reasons, such as nonpayment of premium or failure to renew a policy when required. However, the insurance cannot cancel a policy just because the insured person's health got worse, or because they want to get rid of a group of policies. Once life insurance is placed, the contract is in effect. Period.
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Before you cancel, you should explore alternatives with you agent or broker. The may be alternatives such as a policy change available. In addition there may be tax consequences if there is a policy gain.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
It is always advisable to contact your agent or broker to be sure it is wise to drop a life insurance policy.
That being said, the insurance company itself can cancel a life insurance policy for several reasons, such as nonpayment of premium or failure to renew a policy when required. However, the insurance cannot cancel a policy just because the insured person's health got worse, or because they want to get rid of a group of policies. Once life insurance is placed, the contract is in effect. Period.