Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Dec 17, 2011

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Insurance Question from Center Hill, FL

Asked on 12/17/2011

Want to cancel new life insurance policy. Am I still entitled to a refund? Ive been with my life insurance company for 2 yrs. I was recently told if I took a phsyical and answered some questions,and everything came back good my monthly payment would drop.Instead it increased and I didnt understand that I was being switched to a new policy. My hours have been cut at work so I cant afford to pay my monthly payment but I have not made a payment on the new policy yet. If I cancel am I still entitled to a refund?

Answer given on December 20, 2011

It sound like you may have had a renewal term policy.  Read our article on How Term Life Insurance Is a Better Investment.  Renewable Term are for short-term needs and premiums increase annually or at the end of each term upon each renewal. The premium is based on your age and health at the time of each renewal. So if you need coverage in your later years premiums may become unaffordable. Therefore BE CAREFUL before you buy. Understand this policy fully as you could end up without insurance. Instead look for a fixed term policy.  It will carry you for the next 30 years with no medical exam. 

If you were at the end of your term with the other policy, you would not be due a refund.  


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