Cancel your policy

IMPORTANT: Please note we retain our fees and commissions upon cancellation of your policy. The return premium from the insurer will be sent to your monthly funder to reduce the balance of your monthly funding agreement. Your monthly funder may charge the full interest on the contract and an early termination fee. The return premium from the insurer will be sent through to the above details less any outstanding premium, fees and commissions charged on the policy. Please note some insurers charge a minimum premium which can further reduce the return premium.

MONTHLY FUNDING CANCELLATION: Please note that should the insurance policy be cancelled before the expiry date for whatever reason, the Premium Funder will charge you the full interest applicable to the contract, as detailed in the Loan Application Form. Typically there will be no refund of our commission on the refund premium and no refund of any fee we may have charged you for arranging the cover. We also reserve the right to charge you a policy cancellation handling fee.

In some cases insurers also apply minimum premiums to policies, which may further reduce the refund that you might otherwise receive. The impact of the above on you is that any refund you receive for the mid-term cancellation of your policy will usually be significantly less than a pro rata calculation would produce and in extreme cases may involve you having to make an additional final payment even though the policy has been cancelled. Therefore prior to cancelling a policy and replacing it with another cover we strongly recommend that you discuss your situation with us so that we can advise the exact extent and impact of the early cancellation provisions mentioned above.