Cancellation policies can be a confusing topic, particularly when it comes to insurance policies. If you are planning to cancel your policy, it is necessary to understand the rules associated with it. In this article, we will provide a detailed explanation of the cancellation policy and what you need to know.
One-Month Notice
The most important thing to understand about the cancellation policy is that you must provide a full one-month notice.
It is essential to note that the one-month cancellation notice is based on your policy start date and NOT your monthly billing date if your policy commenced prior to November 1, 2023.
Policy Start Date
Understanding your policy start date is critical to determine when you should cancel your policy to avoid another month's full premium. Since you are billed on the 1st of each month, things can get a little confusing. However, you can easily access your policy start date in your Feather account under your legal insurance policy.
Cancellation After the Monthly Renewal Date
If you do not cancel your policy before the policy's monthly renewal date, it can lead to a full premium payment. For instance, let's say your policy start date is October 19, and you submitted the cancellation request on January 20. In this case, you will be required to pay another full premium payment and the month of February will count as your one full month's notice. Then, a prorated amount will be calculated to cover the remaining days left in the policy, which, in this case, is from March 1-19.
Cancellation Prior to Monthly Renewal Date
On the other hand, if you provide a one-month notice before your policy start date, you will not be charged another month's full premium payment. Let's say your policy start date is again October 19, and the cancellation is requested on January 11. The one-month notice was given prior to the policy start date. Therefore, the final cancellation date will be February 19, and a prorated amount will be calculated to cover the remaining days in the policy, which, in this case, is from February 1-19.
Understanding the cancellation policy associated with your insurance policy is critical. By providing a one-month notice and understanding your policy start date, you can avoid paying another full premium payment. It is recommended that you keep track of your policy start date in your Feather account and if you have any doubts or questions, you can always contact us for clarification.