Cancelling life/CI policy

busy_dad

Morning all,

I have a mortgage protection policy which is no longer needed (life and CI). I have a separate life policy which will continue.

In terms of canceling the policy are there any pitfalls in simply cancelling the d debit? Reason I ask is the policy is in trust and it will be a headache getting all trustees permission and various letters sorted etc.. It just seems a lot simpler to stop paying. I assume there wouldn't be any credit file issues as this sort of thing doesn't usually go on them? Am I missing anything?

Thanks

SonOf

Technically, cancelling a direct debit does not cancel the contract. In most cases, life assurers will treat it as cancellation after sending out a number of warning letters. But not all. To remove doubt, the insurer should be notified.