How to Cancel Your Desjardins Life Insurance: A Step‑by‑Step Guide

Why You Might Want to Cancel

People cancel life insurance for many reasons: higher costs, better rates elsewhere, or no longer needing coverage. Understanding the implications of canceling a Desjardins policy helps you make an informed decision.

Eligibility and Policy Review

Before initiating cancellation, confirm your policy type (term or whole life) and review the policy's terms. Desjardins generally allows cancellation after the first year, but some policies have a "no‑claim" period or a minimum holding period.

Required Documentation

Prepare the following items:

• Original policy document or a recent statement.
• Valid government photo ID.
• Signed cancellation request form (available on Desjardins website).
• Any applicable cancellation fee receipts.

Step‑by‑Step Cancellation Process

1. Contact Customer Service

Call Desjardins at 1‑800‑XXXX‑XXXX or use the online chat. Request the cancellation form and ask about any fees.

2. Complete the Cancellation Form

Fill in personal details, policy number, and the reason for cancellation. Sign and date the form.

3. Submit Documentation

Mail or fax the signed form along with required documents to the address listed on the policy. Email is also accepted if verified.

4. Await Confirmation

Desjardins will send a confirmation letter. Keep a copy for your records.

5. Review Refund or Outstanding Balance

Depending on the policy type, you may receive a refund of unused premiums or owe a cancellation fee. The confirmation letter will detail the amount.

Common Fees and Refunds

Desjardins may charge a cancellation fee of up to 5% of the total premiums paid, plus a small administrative fee. Refunds are prorated based on the time remaining in the policy term.

What Happens to Your Policy After Cancellation

Once canceled, the policy is void. Any future claims will not be honored. If you need coverage later, you must apply for a new policy.

Alternatives to Cancellation

Consider:

• Transferring the policy to a new beneficiary.
• Changing the policy type (e.g., from term to whole life).
• Negotiating a lower premium with Desjardins.

Frequently Asked Questions

Q: Can I cancel a term policy before it ends?Yes, but you may forfeit the remaining term value and incur a fee.

Q: Will I lose my death benefit?Once canceled, the death benefit is no longer available.

Q: How long does the cancellation take?Typically 7–10 business days after submission.