Can my IPI Provider Cancel my Policy if I Continue to Pay my Premium?
When you secure income protection insurance, you may be worried about what could cause your policy to be cancelled. This is something that worries a lot of policyholders who are worried about keeping their families protected with their coverage. One of the main things that you might be concerned with is if your policyholder can cancel your policy if you are still paying your premiums. Usually, policies that are kept in good standing are not able to be cancelled by the provider.
The great thing about income protection insurance is that your provider is not going to be able to cancel this coverage if you keep up on your premiums. This is something that gives a lot of people some great peace of mind. If you are worried about making sure that you and your family have money if you are incapacitated and cannot work, then getting one of these policies is great. You can count on it to take effect as long as you are responsible enough to keep paying on your premiums.
Cancelling a Policy
Although it's true that your provider may not normally cancel your policy if you have paid the premiums, there are some special cases in which this may be possible. The one thing that could cause your policy to get cancelled is if you had committed fraud when you applied for the policy or if you made a claim on it previously. If your insurance provider finds out that you have given them fraudulent information, then this may cause your policy to be cancelled immediately. This will be a legal issue that could get complicated, so it's best if you avoid this by being honest when you apply for cover.
Although your provider cannot normally cancel your policy, you will have the freedom to do so at certain times. Usually, you will have 30 days after you sign up for the cover to cancel it. However, there may be other times that you can cancel a policy. This is really going to depend on the rules set out by your provider. Before you agree to any policy, you should make an effort to find out what the cancellation policy is like and that way you can make a wise choice.
How to Keep Up Payments
If you want to make sure that your policy is not cancelled, you are going to need to make your payments on time when they are due. One thing that you can do in order to make this easy on you is to ensure that you don't get a policy with high premiums. Sometimes, it might seem like a good idea to get the most coverage possible, but this is not always a wise financial decision. If you want to be able to afford your premiums and never miss a payment, then you will need to select a reasonable amount of coverage.
Another thing that you may want to do in order to keep up with your premium payments is to make them for the year all at one time. If you can afford to pay for your premiums in one lump sum, then you won't have to worry about them for the rest of the year. The other upside of this is that providers may be willing to offer a discount for this type of payment. Do what you can to make sure that your premiums on time. Your IPI provider cannot cancel your policy as long as you pay your premiums.
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