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Question:
How can I cancel my insurance policy?
Answer:
If you buy life insurance and have second thoughts, most provincial laws and insurers have established a 10-day review period, starting from the time you received the policy, during which you can cancel the policy.
If you choose to do so, you will usually be refunded any premiums you have paid. This option does not apply to home or auto insurance. Check the details in your life insurance policy to find out if a review period is available.
You can cancel a life, health or property and casualty insurance policy at any time while it is in force by contacting the insurance company. However, if you cancel your policy before the expiry date, a penalty may be applied.
If you are replacing a policy, make certain your new policy is active before the cancellation date of the old one. Otherwise, you may not be covered while waiting for the new policy to take effect.
Check your policy for the specific procedures you will need to follow to cancel your policy.
Resource(s):
Classification of this FAQ:
| Category | Sub-category |
|---|---|
| Insurance | Applications |
| Renewing |
Related Question(s):
- Can a life insurance company cancel my life insurance or disability insurance policy even though I have paid all of my premiums?
- I didn’t sign up for credit card balance insurance, but I am being charged premiums. What can I do?
- How do I cancel a credit card account?
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