In our country, a large number of people have contracted Life Insurance among their Insurance, either because they want to be insured in the event of death or because some of the banking products they use require having contracted one of these products. To answer common questions such as "I have taken out insurance and I want to cancel it" or “If I cancel an insurance, do I get my money back?” she keeps reading.
If you have doubts about whether you can cancel life insurance before it expires or want to take out a new one, contact us en Euroteide Insurance We are specialists in personal insurance and particularly in life insurance and we will advise you on everything you need. If you wish, we can make you a comparative offer of your life insurance, especially if it is from your bank, and study whether it is the right insurance that you need.
Is it possible to cancel life insurance before expiration?
Sometimes you may consider changing your insurance company or canceling a Life insurance before expiration for any reason, such as the disappearance of the reason that led to hiring it. To do so, you need to comply with the deadlines and procedures correctly. Otherwise, the company may refuse to the cancellation of the policy.
It is possible to cancel a Life Insurance before expiration provided that it is communicated reliably and in writing to the insurance company at least one month in advance. on the renewal date of the policy.
Most Mortgages are associated with life insurance, as is the case with home insurance, in your hiring. In this case, it is also possible to cancel the life insurance, but the notice with which the insurance company will have to be given is greater, 60 days As minimum. In addition, in some cases it will be necessary communicate the cancellation to the bank, which must accept it.
Are you really interested in canceling your Life Insurance?
If you are wondering how life insurance works, it is very simple. The insured pays a premium that will depend on their personal characteristics and the company agrees to pay a sum mainly in the event of death or disability, although they usually include other coverage.
When someone considers canceling a life insurance policy before it expires, the ideal is to analyze whether it might be interesting to carry out this process.
One of the reasons why it could be positive to cancel the policy is the recovery of money paid, which can help with a current difficult economic situation. This is a right established by our legislation. Nevertheless, this option is not always possible carry it out.
To find out if in your case it is possible to request a refund of the premiums paid, you must consult the general and particular conditions of your policy and, in addition, you must have paid the first two annual premium payments in full.
Therefore, in most cases it will not be possible to receive money corresponding to the refund of the premium or, if it is received, the amount will be very small.
The most common is that it is not very interesting to cancel the life insurance before the expiration date, since the premium will have been paid and You can enjoy the coverage of the policy until the expiration and, when the time comes, not renew the contract for another year. A product that has already been paid for and for which a refund will not be received due to cancellation In advance it is more interesting to keep it, although its covers are no longer so useful to us, but it will always be better than not having it.
Steps to follow to cancel your life insurance
To cancel your life insurance correctly, it is recommended to follow the following steps:
- fill out a cancellation request of policy with the data of the holder of the Insurance and of the policy that is going to be cancelled. The signature of the holder must be included in the request.
- Submit the application to the insurance agency or insurance broker or send it to the insurance company by means of a written record. Normally, these types of requests are sent by registered letter.
- On shipment or delivery The identity of the holder must be recorded.
- The application must be delivered to the insurance company in a minimum period of 30 days before.
Following these steps it is very likely that the insurer or the bank will accept the cancellation, although the amount of the premium will not always be returned.
If I cancel a Life Insurance, do I get my money back?
Although Spanish law allows the cancellation of life insurance, not possible in all cases refund of the premium already paid. In order to apply for it, some aspects must be taken into account:
- life insurance with a duration of six months or more. If this condition occurs in your policy, something very likely, since they are contracted annually, it will meet one of the requirements for cancellation.
- Contract for a period equal to or less than 30 days. In this case, the contract may be terminated due to the right of withdrawal contemplated in the Insurance Contract Law, which allows the resolution of contracts up to 30 days after contracting. Thus, the company is obliged to return the amount of the premium.
Although in the second case that we have seen, the cancellation after 30 days or less from its contracting, they will return the amount of the canceled Life Insurance, In all other cases, the answer is usually negative.. However, it will depend on each company and type of Insurance, with some insurance companies having in their policy the return of premiums in case of cancellation of the policy in advance.
As we have seen, it is possible to cancel Life Insurance before expiration as long as it is done with the correct procedure and within the established period of 30 days. Despite this, in most cases the refund of the premium amount will not be possible. If you still have doubts about the cancellation of a Life Insurance, you do not know what your case is or you want to contract a new Insurance, contact with Euroteide InsuranceWe will be happy to help you with all your questions.