Do you have any idea that you have an option to cancel your current insurance policy, rather than waiting for it to end before you find a better one? If you find a better Insurance package, you definitely have the option to ask your current insurance company to cancel your insurance account and refund the remaining premium.
Before you write an Insurance Cancellation Letter, make sure you thoroughly read the policy to check if there are any provisions regarding the whole process. The policy may contain the notice period and the department name where you should address the letter.
The first paragraph of the letter should clearly state your plans about the cancellation and the date when the policy should be cancelled. Also, you should ask for the remaining premium unused by the insurance company. You must notify the company that your account should not be used further for the premium withdrawals. In the second paragraph, you can ask the insurance company to send you the confirmation letter about the cancellation of the policy.