Can I Cancel My Life Insurance Policy?

Is it possible to cancel life insurance?

Yes, you have the option to cancel your coverage anytime you choose to do so.

But, before cancelling your policy, make sure you no longer have a need for protection. Because, if you still need life insurance, and your health changes, you may find you are uninsurable when you need it most, or the cost will be much higher, possibly.

And, if you are cancelling to switch to another, lower-priced carrier, make sure to get insured (your new policy is "In Force") before cancelling your first life insurance policy. That way, you won't be without coverage during the process.

Learn more about how to cancel life insurance policy.

Can a Life Insurance Company Cancel Term Life Insurance?

A term life insurance policy will stay "In Force" as long as you continue to pay the premiums due for your policy.

If you miss a premium due date you may have a 31 day grace period to pay the premium due.

Your life insurance policy will remain "In Force" during the grace period.

An individual term life insurance policy can be canceled by the insurer only for non-payment of premium due.

If you do not pay the overdue premium payment within the grace period your term life policy will terminate.

The term life policy cannot be canceled by the insurer due to a change in your health status.