Apple care +
I had bought apple care+ for my XR plus for 2 years and I only had the phone for a year then I got and iphone12 does my coverage transfer
iPhone 12, iOS 15
Question marked as
No. You can cancel -- see: Cancel or change the payment method for your AppleCare plan - Apple Support
And if you purchased the new phone recently you can get AppleCare+ for it. See: AppleCare Products - iPhone - Apple