Don’t cancel...Without speaking to me first.
With clients seeing income changes during the current crisis, either being reduced or being halted completely, I am being asked
“Can I cancel my life or critical illness insurance?”
The answer is “Of course, but before you do lets…..”
Speak to your existing insurer about a payment break.
See if we can tweak your cover in any way to reduce your payments.
Cancelling your policy for now, with the intention of taking a new one later may seem like a simple way to save some cash, but the impact of cancelling outright could be disastrous.
What if the worst happens whilst you don’t have cover?
The current policy may offer good value compared to a new policy – after all you are older now than when you took the policy out and this affects the pricing.
Has your health changed since you took the old policy? What if it changes between now and when you want to start a new policy? This could also have an impact on the new premium.
So before you take any action you can’t undo, let's explore all the available options first.
Get in touch – we are here to help.
Willow Tree Financial Services