Chubb Life offers term life insurance policies, which means a policy is automatically renewed every 12 months and can be cancelled at any time.
A life insurance policy will be cancelled by the insurer if:
the Life Cover Amount is paid in full, ie a claim is paid out
the policyholder asks to cancel the policy
a Terminal Illness Benefit or Critical Illness Benefit is paid and is equal to the Life Cover Amount
if the policy’s premiums are unpaid for three months.