Life insurance myths
Life insurance myths are debunked in this comprehensive…
8 min
Yes, you can cancel your life insurance if it no longer meets your needs, you wish to make changes, or you no longer require it.
There are three options you can choose from:
However, which of these options is the most beneficial to you will depend on your personal circumstances.
Reassured can't cancel your life insurance policy on your behalf.
However, if you’re looking for a new policy, we can help you compare multiple quotes to find you our best deal.
Our friendly team can offer personalised, fee-free and no-obligation quotes on a variety of life insurance policies.
Simply contact us today.
Yes, life insurance isn’t mandatory and can be cancelled at any time.
What happens next is dependent on when you cancel your life insurance.
Policies will have a cooling off period which typically lasts 30 days from when the policy begins, or when you’ve received your welcome pack:
While it’s possible to cancel a life insurance policy, it’s also important to evaluate all other options as there may be a better alternative for your situation.
Reassured can provide impartial information, so you can make an informed decision about your current policy.
Alternatively, we can provide personalised and fee-free quotes to help you secure alternative cover.
Check out our life insurance calculator below to determine how much cover you need to help protect all your financial commitments:
Some of the most common reasons for cancelling life insurance include:
Some insurers will allow you to make changes to your policy if your circumstances change. This is known as special events clause, or guaranteed insurability option.
If your policy includes a special events clause, changes could be made when:
The sum assured (pay out amount) and your beneficiaries can be amended on eligible policies. However, many providers won’t let you extend the policy length.
If you don’t have a special events clause, you can secure an alternative policy which coincides with your current life insurance, cancel your current life insurance and replace it, or retain your current policy.
Yes, you can reduce your cover if your circumstances have changed, or you require a cheaper policy.
This can be done in three different ways:
Reassured can determine whether your existing policy has a special events clause, and help you make an informed decision about your individual options.
We can also help you secure life insurance with the special events option if you required a new policy and wanted to protect yourself from additional life changes.
Simply contact our friendly team today.
As previously stated, if you cancel your life insurance within 30 days of receiving your paperwork, most companies will refund any premiums you’ve paid in.
If cancelling after this 30 day period, you won’t be eligible for a refund of premiums.
Once you’ve cancelled your policy, no further action is needed, and many companies will send confirmation paperwork.
However, for extra assurance, you may wish to cancel your direct debit to ensure no additional payments are taken from your account.
It’s also important to note that if you pass away and your loved ones make a successful claim, your life insurance policy will be automatically terminated.
No pay out will be made if you cancel a policy.
You’ll be eligible for a refund of premiums if you cancel within 30 days of receiving your paperwork.
However, if you cancel after this 30 day cooling off period, you won’t be eligible for a refund.
Whether you’ve been paying the policy for over 1 month, or over 10 years, no premiums will be refunded if cancelling after 30 days.
There isn’t a set age that life insurance stops. It’s dependent on the type of policy you have, the policy terms offered by your provider and when the policy was secured.
However, many providers have an upper age limit at which they stop providing cover and which your cover must cease.
At Reassured, we offer four types of life insurance:
Policy length: Between 5 - 40 years through Reassured
Age range to secure policy: Often between 18 - 77, but can vary between insurers
Policy length: Between 5 - 40 years through Reassured
Age range to secure policy: Often between 18 - 74, but can vary between insurers
Policy length: Until you pass away
Age range to secure policy: Often between 18 - 80, but can vary
Policy length: Until you pass away
Age range to secure policy: 50 - 85 years old, depending on the insurer
Because Reassured can help you secure life insurance from many of the UK’s best providers, including Aviva, Legal & General, LV= and Zurich, the maximum age that life insurance can be secured will vary.
It’s important to remember that:
Therefore, there’s a set period or point when cover stops, but not always a set age.
To compare a range of life insurance policies, why not contact Reassured?
Life insurance cancellation policies can vary between providers so, if you’re looking to cancel your policy, you should look at your providers terms and conditions.
Below is a list of cancellation contact information for some of the most common UK providers:
Provider | Phone number | Address | Opening hours | |
---|---|---|---|---|
| 0800 285 1098 | Cancel via https://www.aviva.co.uk/help-and-support/contact-us/life-cover-email-enquiries/life-cancel-policy-info/ | Aviva PLC, St. Helen’s, 1 Undershaft, London, EC3P 3DQ | Monday - Friday: 08:00 - 18:00 |
| 0370 0600 015 | Search for their cancellation form at https://www.legalandgeneral.com/existing-customers/life-cover-support/ | Legal & General Assurance, Society Limited, City Park, The Droveway, Hove, East Sussex, BN3 7PY | Monday - Friday 09:00 - 18:00 |
![]() | 0800 678 1906 | feedback@lv.com | LV= Health Claims Team, Emperor House, Grenadier Road, Exeter Business Park, Exeter, EX1 3LH | Monday - Friday: 09:00 - 17:00 |
| 0370 333 1500 | Contact form: https://www.zurich.co.uk/about-us/contact-us/contact-us-form | Zurich Community Trust Ltd, PO Box 1288, Swindon, SN1 1FL | Monday - Friday: 08:30 - 17:30 (excluding bank holidays) |
You can't cancel your policy through Reassured - even if it was secured with us.
However, Reassured can help you find alternative quotes, and also help you find personalised, fee-free, no-obligation quotes.
Contact our friendly UK team for a quote now.
There’s no universal answer whether cancelling your policy is the right decision, and you should consider your options very carefully.
It’s important to talk to a life insurance broker, like Reassured, to help you make an informed decision, and discuss your available options.
You would need to consider, or may be asked:
Once you have navigated and discussed these options, you can take your chosen action accordingly.
Yes, you have the option to cancel your existing life insurance policy and switch to an alternative provider.
If you find your current policy is too expensive, or no longer meet your needs, you’re not obliged to keep it and you can swap to an alternative provider.
However, it’s important to note that the price you’re offered is dependent on your situation at the time of application. This includes:
Therefore, it’s worth considering whether new options which reflect your needs are within your budget.
For example, you may have secured term-based life insurance at 20 years old, but you’ve now decided years later that, as your circumstances have changed, you need alternative cover.
However, your age and any changes in your health and lifestyle may mean you face additional loading (higher premiums) on a new policy.
If you decide to cancel your policy, Reassured can find quotes for you. Simply contact us for a fee-free no obligation quote.
Do you pay life insurance forever?
Life assurance premiums, including whole of life insurance and over 50s life plans, are paid until you pass away, or if the policy has a specified age where premiums are no longer required.
Term-based life insurance is paid until the term has finished, or until you pass away.
Life insurance can be cancelled at any point if you wish, resulting in no more premiums being paid. However, you won’t have any cover in place.
Do I need life insurance if the mortgage is paid off?
You may still require life insurance once your mortgage is paid off, depending on what your current circumstances are.
If your mortgage is paid off, you may still have loved ones who are financially dependent on you. Alternatively, you may want to have life insurance in place to cover your funeral or provide an inheritance.
Can I let my life insurance lapse and have it reinstated?
Yes, certain companies can offer you a break from your payments, providing these are caught up with once the break is over.
Most companies will continue with your cover if you miss a payment - providing it is paid within 30 days of the missed payment.
Does cancelling life insurance hurt your credit?
No, cancelling life insurance doesn’t impact your credit score, and doesn’t appear on your credit report or history. However, a poor credit score may impact your ability to secure life insurance with some companies.
If you’re considering cancelling your life insurance and would like to know what other options you have, it’s worth contacting Reassured.
We can compare personalised quotes for you on a fee-free, no-obligation basis.