Most individuals looking for life insurance for seniors, whether it’s for themselves or an elderly parent, typically do not want to cancel a policy in the near future. However, because most of this research is done online or over the phone, individuals wish to ensure that they fully understand the contract that they are entering.
Oftentimes we are asked, “Can I cancel this policy at any time?”
The answer to that question is, “Yes, and if the policy is canceled during the first 30 days, most companies offer a 30-day money back guarantee.”
This is known as a free look period. During that 30 day free look period, if an individual cancels the policy, the first premium would be refunded to them in its entirety. (Based on company and state guidelines)
After that free look period, an individual can still cancel the policy. The insured simply needs to call the insurance company and let them know that they no longer wish to stay with the policy, or they no longer need the policy.
There are a few things to consider prior to canceling the policy. First, has your health changed since the original application was taken? Second, have you aged significantly since the time in which you applied?
The original company took this information into consideration when offering you a policy. If you cancel this policy and you were to need a new policy in the future, it would require them to reassess your health situation, as well as your age. This could cause the same policy to be much more expensive or, quite possibly, unattainable depending on how much your health situation has changed.
We always recommend consulting an agent before making changes or canceling a life insurance policy. If you would like to speak with one of our licensed agents. We are licensed in most states and would be glad to answer any questions or concerns. We also offer quotes on guaranteed acceptance life insurance for seniors.