Cancelling Disability Insurance
Disability insurance is a unilateral contract. You may cancel your insurance at any time. The only time the company can cancel your insurance is if you fail to pay premiums or reach the age when the contract expires (usually age 65).
Some companies require a cancellation form whereas others will allow you to simply put something in writing. Or, you can cancel your bank draft and the policy will expire. Find out from your broker what you need to do.
Before you cancel your policy, be sure that you are 100% that you no longer need coverage. Once your policy is cancelled, you will need to go through medical underwriting again to obtain coverage in the future.
For more information about cancelling your disability insurance policy, contact Set for Life Insurance today!