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When is it Safe to Cancel Life Insurance?

March 13th, 2007 at 03:54 am


We received DH's term insurance policy in the mail yesterday. We have to send in 2 month's payment and the signed amendement.

Does anyone know if we're safe to cancel the whole life policy we have now or do we need to wait for something else? As long as this whole thing has taken I hate to think how long it will take until we get our money from the cash value of the whole life. Hopefully not nearly as long.

4 Responses to “When is it Safe to Cancel Life Insurance?”

  1. disneysteve Says:

    As long as you have the new policy in hand, you can cancel the old one.

  2. rduell Says:

    I thought that was how it was, but I'm a bit nervous about doing it until they've received the payment. I have it ready to go in the mail today. I keep waiting for something to go wrong.

  3. disneysteve Says:

    Didn't you have to pay before they sent you the policy?

  4. rduell Says:

    Nope. The policy arrived with the bill and the form to fill out to have it automatically withdrawn from our checking each month.

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