When it comes to cancelling your insurance, you have two options to cancel. You can cancel it outright and the effects are immediate or you can choose to stop paying the premiums and let the policy lapse.
If you choose to cancel your insurance, the process will require you to submit an official surrender request form, a cancellation disclosure form, and the return of your original insurance policy booklet. As soon as the request has been processed from your insurance company, your policy will be cancelled, and any claims will not be covered.