p>For life, funeral and pet insurance, once you have your new cover in place, all you need to do is to contact your old insurer to cancel the policy you had with them and they’ll go through their individual process with you. There are a few things you need to consider before you go ahead:</p><ul> <li>Some insurers will charge you a fee for cancelling, but even with a cancellation fee, you may still be able to save when you make the switch.</li> <li>Check that the commencement (start) date of the new policy and the cancellation date of your old policy are aligned so you don’t get caught during a period where you’re not covered by either policy.</li> <li>Some policies need a period of notice before the policy can be cancelled. Read the fine print on your current insurer's Product Disclosure Statement or Policy Booklet to find out more.</li> <li>If you’ve paid an annual premium, the insurer may only refund an amount that’s proportionate to the premium that you paid for any unused term. Certain fees or duties may be deducted from the premium to be repaid. You should refer to the Product Disclosure Statement or Policy Booklet for details.</li> <li>There are risks involved with switching which you should consider. For example, your new cover may not be identical in every respect, and if your health has deteriorated since you started your old policy, this may affect how you’re underwritten (assessed) for cover on your new policy. For pet insurance policies, your pet may be subject to exclusions like pre-existing conditions in the new policy, particularly if you’ve made a claim for these conditions under the existing policy. This means the condition may not be covered on the new policy.</li></ul