Allow Your Policy To Lapse / Surrendering Your Policy
Canceling your policy or discontinuing your premium payments is known as Surrendering your policy or allowing it to Lapse. Some people may choose to let their policies lapse because they have new coverage, but in many cases policies lapse for the following reasons:

1.The policy owner cannot afford the premium payments

2.The policy owner does not need the policy any more

3.The insured person leaves a job and does not convert the group coverage to an individual plan. For more information about conversion from group coverage to an individual policy, click here!

4.The policy owner sells or closes a business with a “key man” policy