Cancelling your insurance

From: Financial Consumer Agency of Canada

Steps to take to cancel your insurance

You may have to pay a penalty if you cancel your policy before its expiry date.

To cancel your policy:

  1. Check your policy for the specific steps you need to follow
  2. Contact your insurance company
  3. Ask your insurance company to confirm in writing that your insurance policy was cancelled

What to know if you're replacing your policy

Always be clear on why you want to replace your policy and the pros and cons of switching.

If you're replacing a car or home insurance policy, make sure your new policy provides coverage before the cancellation date of your old policy. If not, you risk not having coverage while waiting for the new policy to take effect.

If you're replacing a life or health insurance policy, you may be asked for new medical information. You risk no longer being eligible or your premiums increasing if there has been changes in your health.

What to do if you change your mind after buying life insurance

You have the right to cancel your life insurance policy within a set period of time, usually 10 days, and get a refund on the premiums you paid. This is called your rescission right. This ‘free look’ period allows you to review the policy to make sure it meets your needs.

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