How do you cancel an insurance plan?

Hi anon,

As the free look period is already over, you need to be aware that any cancellation will result in financial losses and loss in coverage.

However, having said that, you will have to consider if the plan is truly not a good fit for your objective. Better plans may come out all the time, but remember that at the time you bought the plan, this could have been the best option for you.

Cancelling (or surrendering) a plan can be done without having to go through your advisor, (calling the hotline will usually direct you to the right form for cancellation) or you can find the cancellation form on the website of most insurers. Alternatively you may contact your advisor to do so.

Firstly, it will be good to have a complete understanding on your existing insurance policy and whether it fits into your need for the future. The reason why I suggested this is because there is likely a monetary loss associated with the cancellation. Consequently, it is recommended for you to do an evaluation first.

Next, if you are sure to cancel the policy, check with your insurance agent and ask him on the process for doing so. In most cases, it will require you to sign a consent form to confirm your request.

Alternatively, you may approach the insurance company to find out which form to fill in for the cancellation.

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