If you buy life insurance and have second thoughts, most insurers will allow you a 10-day review period 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 and auto insurance. Check the details in your life insurance policy to find out if a review period is available.
You can also cancel a life, health or property and casualty insurance policy at any time while it is in force by contacting the insurance company in writing. However, if you cancel your policy before the expiry date, a penalty will be applied.
Make certain that your new policy is in force before cancelling your previous policy or letting it expire. Otherwise, you may not be covered while waiting for the new policy to come into force.