In the context of Life and/or Living Benefits Insurance, a "Non-Cancellable" policy is one that, once issued, cannot be cancelled or altered by the insurer, provided that the policyholder continues to pay the required premiums. This means that both the coverage terms and the premium rate are guaranteed to remain unchanged for the duration of the policy.

Key aspects of Non-Cancellable policies include:

  1. Premium Stability: The premium cannot be increased.
  2. Guaranteed Coverage: Coverage terms remain consistent.
  3. Policyholder Assurance: Provides certainty and peace of mind regarding long-term insurance costs and benefits.

Non-cancellable policies offer significant security to policyholders, ensuring that their coverage and costs will not change unexpectedly.

Related Definitions
No items found.

Still have questions?

Please contact our office and we'll be happy to address any questions you may have.