Things aren’t great right now. And because life insurance isn’t mandatory it's an obvious candidate for the chop as we try to balance our budgets.
But cancelling is not your only option and it comes with drawbacks. You’re unprotected if bad gets worse. A policy will probably cost more if you cancel now and buy again later.
Here are some reasons often cited by those looking to cancel their life insurance policy.
Cancelling life insurance comes with consequences. Yes, you won't be paying monthly premiums anymore, but neither will you have peace of mind knowing your loved ones could be financially protected, should the worst happen.
Can I make changes to my life insurance instead of cancelling?
Yes, you can ask to make chnages to your life insurance instead of cancelling your policy. You may be able to increase your cover without the need for any further medical information on certain life events, such as:
You can also ask to make other changes such as changing the term, the amount of cover or even removing a name from a joint policy. These changes could affect the premiums that you pay, and we would have to assess any change request based on your circumstances at the time.
I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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