3 Reasons Why You Shouldn’t Cancel Your Life Insurance Policy

Knee-jerk reactions have been “the flavour of the month” since early March of this year, and we can’t say that we’re surprised. The extended Lockdown, brought on by the COVID pandemic, has had most of us on a rollercoaster ride (whether we bought an entrance ticket to the (un)amusement park or not).

Has it been stressful? Absolutely. But in uncertain times, the key is not to panic.

We know you’ve been looking at ways urgently to reduce your monthly expenses and finding ways to make ends meet on less (and in some cases far less), but we urge you to consider the implications of cancelling your life insurance policy.

The thing with life insurance is that you cannot see, smell or even touch it. It’s once of those debit orders that run at the end of each month that occasionally will come under your microscope, especially when money is tight.

Here are 3 problems associated with cancelling your life insurance policy:

  • Every year you are getting a year older and it will cost you more to replace cover
  • You might find out that you are sick, and then you don’t qualify for cover at all anymore
  • Or you qualify for cover, but with a health loading on your premium, which will make it even more expensive

Remember that if you choose to cancel your policy and then reapply later on down the line, you will be older and therefore liable for higher monthly premiums. There also might be more stringent medical testing as well as a routine set of blood test. And if during your cancellation period, you happened to find out you are sick, your application could be declined.

Having safety nets and provisions in place for you and your tribe is vital to everyone’s future. So, think big, think far and don’t take any chances with your family’s future.

If you need any assistance with your policy, don’t hesitate to give us a ring.

Take care, stay safe and keep moving forward.

Don’t have any life insurance in place? Click here and leave your details for a callback.

Don’t have any funeral insurance in place? Click here and leave your details for a callback.

Until next time.

The Wise About Life Team

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