Can you cancel a life insurance policy before its maturity?

Se puede cancelar un life insurance before its maturity in the following cases:

  • Before the policy's maturity date to avoid its automatic renewal. But, this will only be possible if the company is notified at least 30 days in advance (it can be done earlier). It is important to take into account that life insurance policies are renewed automatically on an annual basis. Therefore, if you don't notify your intention to cancel it within this deadline, it will be renewed.

  • Within 14 days of signing the life insurance contract as a withdrawal from the contract.

These are the two possibilities provided for in the Insurance Contract Act, and which thus are a right of the insured person.

However, there are other ways of cancelling life insurance before its maturity, which are when the insurance company breaches the contract or changes the terms and conditions of the product without prior notice. If it does so and notifies you, the policyholder has 15 days to accept or reject the new conditions.

Can you cancel a life insurance policy included in a loan?

As in the previous case, yes, it can be cancelled before maturity as stipulated in Act 50/1980 on Insurance Contracts, provided that the established deadlines are met.

But before cancelling the life insurance policy associated with the mortgage, we must check if we are benefiting from any kind of discount for having taken out this insurance, as banks usually improve the loan's conditions if you take out insurance with them.

How can you cancel a life insurance policy before its maturity?

If you are within the timeline established by the Act, you just need to follow a few simple steps to cancel your life insurance before the maturity date. These are as follows:

  • Inform the insurance company of your willingness to cancel your life insurance. It is advisable that you do so in writing, by means of a registered letter within 14 days of signing the contract or before the 30 days prior to its maturity date.

  • Send the corresponding documentation to initiate the cancellation process. Attach a photocopy of your ID. Keep a copy of the request in case you need to certify that you have met the established times.

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