Do you want to cancel your life insurance and don’t know how to do it? They will not be happy with the insurance company and will look for ways to maintain the insurance. Whatever the reason for the cancellation, you have the right to do so, and you must obey the Civil Code.
What are the law’s cancellation options?
The statutory conditions for cancellation of insurance are discussed in the Civil Code . There are rules set for clients and insurance companies. For more information on how to opt out of a particular insurance, please refer to the General Insurance Terms and Conditions of each insurance company.
Below I will mention the most common ways of canceling insurance, respectively. his testimony.
- Termination by filing an application 6 weeks before the insurance start date . The notice must be delivered to the insurance company before this deadline.
- Termination within 2 months of the conclusion of the insurance contract . There may be no special reason for this.
- Termination by not paying the premium for the first insurance period up to 3 months from the due date.
- Termination by not paying the premium for the next insurance period up to 1 month from the date of delivery of the call for payment. The notice also includes a warning that the insurance will expire if the premium is not paid.
- Termination by agreed date . Of course, the insurance company must also join the agreement. Well, there must be some serious and reasonable reason for the insured to do so.
The insurance company is entitled to premiums for the period until the insurance expires
If the insurance ended with non-payment, the insurance company is entitled to an aliquot part of the premium. After not paying the aliquot part of the premium, the insurance company will enforce it by legal means. I recommend paying it back without delay.
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