If you are looking to cut down on expenses, cancelling your life cover should be last on your list. As a vital financial safety net for your family, life cover is especially relevant during a pandemic. If you pass away without life cover, your family may not be able to maintain their lifestyle. Life cover can also provide enough money to cover your debt when you die.
If you are considering cancelling your cover now and reapplying for a policy later, think again. Chances are that you’ll end up paying a higher premium, as you get older. If you get sick in the interim, your new premium will be loaded or your application may be declined.