What Is The Reason For Cancelling A Life Insurance Policy?
Life insurance policies can be cancelled for various reasons, and it’s essential to understand the consequences before making a decision. Here are some reasons often cited by those looking to cancel their life insurance policy.
| Reasons to Cancel | Considerations |
|---|---|
| Paid off mortgage | Life insurance is designed to protect your family if they depend on your income or assets, so it could still be worth retaining if you’re responsible for other family costs. |
| Financial difficulties | Consider asking to make changes to your life insurance policy instead of cancelling it, such as changing the term or amount of cover. |
| Change of circumstances | Life insurance policies can be amended without cancelling them, and it’s worth considering re-arranging your policy with another provider. |
Cancelling a life insurance policy comes with consequences, and the premiums paid so far may not be refundable. If the policy is cancelled after the 30-day cooling-off period, the premiums paid will be non-refundable. However, if the policy is cancelled within 30 days, Legal & General will refund any premiums paid.
Life insurance policies are designed to protect your family if they depend on your income or assets, and it’s worth considering the implications before cancelling a policy. Legal & General allows policyholders to make changes to their policy, such as changing the term or amount of cover, without cancelling the policy. Additionally, re-arranging a policy with another provider is easier than many people think.
If you’ve considered all the implications and still need to cancel your Legal & General Life Insurance policy, you can do so by calling 0370 010 4080 or by post to Legal & General Assurance, Society Limited, City Park, The Droveway, Hove, East Sussex, BN3 7PY.
