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How Can I Cancel My Life Insurance Policy?

People cancel their life insurance policy for various reasons, for example you might be getting divorce, or your premiums have become too expensive, or your life has changed so dramatically that you need a completely new type of insurance policy.
Fact Checked

Updated: 19 May 2024

Whatever your reason, you now want to find out how exactly to go about cancelling and whether you’ll get any money back.

You can cancel a term life insurance policy in Australia at any time, as long as you inform your insurer in writing that you want to end your policy. You should be allowed to cancel at no charge and if you paid your premiums in advance or cancelled during the ‘cooling off period’, you are generally entitled to a refund of those premiums.

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