When people are in the process of purchasing a Disability Insurance policy for the first time they have many questions. One of the most common questions is the about cancellation between policy holder and insurance company. And I am here to say that if you have this type of insurance, you can feel assured that you can cancel it at anytime.
Insurance companies can’t cancel a person’s individual Disability Insurance policy. The only reason why they would cancel you policy is if the insurance company finds out that the person misrepresented him/herself when applying.
For example, if the person originally reported on their application that they’ve never had any surgeries or smoke, but later it is found out that they lied, the company can cancel your policy and return any unused premiums to the policyholder. This is why it is best to be honest and forthcoming about your personal and health information that may be asked of you during the application process.
Lying will not benefit you and may prevent you from being covered elsewhere.
You Can Change Your Mind At Any Time
But, the key point is that you as the policy holder may cancel you individual Disability Insurance policy at any time without any reason. If the policy holder had paid an annual premium, they can cancel their policy and they will be refunded any unused premiums.
Although investing in this type of insurance is one of the smartest things to do in today’s world, it is nice to know that if you change you mind it is something that can be cancelled.
Insure Your Future can help you purchase or cancel an existing Disability Insurance policy. Call us at (800) 788-8921 to speak to an agent or fill out our brief Contact Form in order for one of our advisors to get a hold of you. We will answer your questions and help you with the application process in order to smoothly get you coverage.