Question: If someone already has a conventional insurance policy, must it be cancelled immediately? 

Answer:
Not necessarily. Discovering that an existing policy is problematic does not mean it should always be surrendered immediately without considering the consequences. The person should first understand what protection the policy provides, whether that protection is genuinely needed, whether a suitable Shariah-compliant alternative exists, and what financial loss may result from terminating the policy.

In some cases, it may be possible to reduce the problematic elements rather than immediately surrendering the entire policy—for example, by stopping further investment contributions, reducing coverage that is not needed, or restructuring the arrangement where possible. The objective is to move towards a more Shariah-compliant position without unnecessarily creating a greater financial harm in the process.