Expert Q&A

If I'm not happy with my policy, can I cancel it at anytime?

Related Topics: Auto Insurance, Life and Disability Insurance, Home Insurance, Other Insurance, Other Insurance, Other Insurance, Other Insurance, Other Insurance
Related Tags: Cancellation
Dennis Cherenkov
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By Dennis Cherenkov - Primerica Financial Services
Answered about 5 years ago

Yes you can. However do make sure you cancel it for the right reasons and that you have a solid plan for execution. Do your math and make sure that whatever you do makes financial sense. And if possible get a second and third opinion/review by someone trustworthy (note: I did not say “qualified professional”).

Dante T. Thompson
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By Dante T. Thompson - The Benefit Center
Answered almost 5 years ago

In addition, at times it may not be the best advice to cancel a policy, because once the policy cancels it may become difficult to obtain another policy.

Gil Edwards
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Answered over 5 years ago

Most policies have a “free-look” period, up to 30 days, which varies by state. You may return your policy during this time for a full refund of premiums paid. Beyond the free-look period, a policy may be cancelled at your discretion, but depending on the company, type of policy, and surrender charges, you may forfeit some unearned premium and/or cash value accumulated within the policy.

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