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Q: Can I cancel my policy?

Yes – you can cancel your policy at any time.


Cancelling your health insurance policy within the cooling off period

The ‘cooling off’ period is the first few (normally 14) days after you’ve taken out your policy. If you change your mind and want to cancel in this time, you’ll usually receive a full refund on all the premiums you’ve paid, as long as you haven’t claimed on your insurance already.


Cancelling your health insurance policy outside of the cooling off period

If you cancel after your policy’s cooling off period, you won’t be entitled to a refund on any premiums you’ve paid so far.

Some providers and policies (usually for business health insurance) may also ask you to pay the rest of your annual premium up front, so it’s important to ask your Chase Templeton advisor what happens in this case.


Reducing the cost of your premiums instead of cancelling your policy

If you’re not happy with the amount you’re paying on your health insurance, cancelling your policy isn’t the only option. Most policies have optional extras that can add to or reduce the cost. Here are the most common ways of keeping your premiums cost-efficient:

  • Increase your excess, the amount you pay when making a claim. The higher the excess, the lower your premium.
  • See if your policy allows a 6 week wait option. This is when you agree to use NHS rather than private treatment when the waiting list is less than 6 weeks long.
  • Change your hospital list. Most policies will cost extra if you want the option of being treated at London hospitals for example – if you don’t live near London then this could be a quick way to reduce your spend.
  • Look at options for reducing your level of cover. Removing ‘extras’ such as outpatient treatment, diagnostic tests, cancer cover, physiotherapy cover, private ambulances etc. can reduce your health insurance premiums.

Finally consider your insurance provider. At Chase Templeton we’re experts in helping you find the right policy for your situation, at the right price. If your monthly premiums are too high just talk to our advisers about your options – we’re here to help.

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