Could life insurance be cancelled from a phone call?

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dunstonh said:

GDPR does not apply here.   GDPR is a right of access to personal data.  It is not a right of access to commercial information or decision making.

The data protection act applies.
The relevant part here is that you have access to data held on you, which would include recorded phone calls.
It does not provide redress for accidental or incorrect cancellation, but can provide access to evidence.