How do I cancel life insurance?
You may be weighing up whether or not to maintain your current life insurance policy. Perhaps you feel that you could get better value from another policy type or would like to switch from your present life insurer. Whatever the reason, cancelling a policy is certainly possible — and we can help.
Cancellation of a Policy
All Lifebroker customers enjoy the added benefit of support with their insurance policies, including personal assistance with claims and cancellations from our team of insurance consultants.
If you’re not a Lifebroker customer, we can still provide you with guidance on how to cancel a policy with the major life insurance providers in Australia.
At one time, if a person chose to cancel a life insurance policy they held in their name, they would often be eligible to receive some form of payout upon leaving their nominated cover. The way in which the majority of life insurance policies are now structured means that unfortunately, receiving a payment upon the cancellation of a life insurance policy is no longer the norm. In fact, it may be very unlikely you will be deemed eligible for a payout should you choose to cancel your cover.
If you pay your premiums in an annual, up-front lump sum, it may, however, be possible that you will be entitled to receive a refund of the remaining balance, strictly up to the date of renewal.
Where to go from here?
If you would like more information on how the cancellation of your life insurance cover may impact both you and your family, or would like to complete a life insurance or income protection comparison, you can talk to one of our qualified Insurance Consultants on 13 LIFE (13 54 33).