Search by keyword:  
  Category:  
 
 
Related Information

Making a complaint

Types of insurance

Types of takaful

Insurance glossary
 
What Else Can I Do?

Email this to a friend

Bookmark this page

Give us your feedback
 
  Cancelling your policy
       
  A life policy is a long-term commitment. If you cancel your policy, you will not receive the total amount of premiums that you have paid to-date. This is because the surrender value is usually less than what you have paid for. Ensure that you carefully discuss it with your existing insurance company should someone asks you to cancel your policy.

Cancelling your existing policy is not in your best interest because:
  • Your premiums will be higher since you are older.
  • Your cash value will build up slowly.
  • The 2-year period of contestability will begin again.
  • Your existing policy may have more favourable provisions than the new policy.

       
  Category : Life Insurance
       
      Add Comments Back to Latest Tip List  
 
  Comments by Others