Cancelling Your Old Military Insurance Policy

Most policy providers will allow you to cancel your policy at any time provided you give them proper notice. With some insurers you may need to pay a cancellation fee, though such a fee should not be payable if you cancel within 14 days of taking out your policy.

If you are required to pay a cancellation fee, be aware, some military insurance providers may deduct their fee from any refund owing to you or if the refund is less than their fee they will simply not issue your refund.

The best ways to avoid cancellation fees, not to mention the administrative hassle, is to make your switch when your current policy comes up for renewal or choose a provider that does not charge.

All insurers are required to give you adequate notice that your policy is due for renewal, usually 28 days before the due date. When you receive your email or letter of invitation to renew, it is time to compare your insurance provider.

Always check with your current insurance provider to confirm what they require from you to effect cancellation and follow the procedure they ask, as a failure to return documents can sometimes leave you paying for a policy you no longer require or need. For most insurers you will need to confirm your intentions in writing and specify the date you want the policy terminated. You will receive the benefits of your policy until the insurer receives your confirmation.

Last chance saloon, often at the time of cancellation your insurer will offer to reduce your premium. It is this difference that sets many insurance providers apart.