Can I cancel my long-term care insurance policy?
Yes, you can cancel any time by stopping payments or notifying the insurer, and new policies have a 30-day "free look" for a full refund. But canceling a traditional policy usually means walking away with nothing, so weigh the alternatives first.
Yes — a long-term care policy is not a lock-in. You can cancel at any time, and new policies include a "free look" period (usually 30 days) during which you can cancel for a full refund.
The catch: after the free look, canceling a traditional policy usually means you forfeit what you have paid, because it has no cash value (unless you added a return-of-premium rider). A hybrid policy may have a cash surrender value.
Before canceling — often prompted by a rate increase — ask the insurer about reducing your benefits or benefit period to lower the premium instead, or about nonforfeiture options. See what happens if you stop paying.
General information only. This is educational and not insurance, legal, tax, or financial advice. Rules and products vary and change — confirm the specifics with a licensed professional.
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