That is a great question! Just a couple of quick things first - you do realize that cancelling it means that there will be no protection, should the insured pass? Please make sure that you have an in-force policy in place before cancelling this one. If it is a question of money, you might consider borrowing from the policy, if it has a cash value, and all you need is something to get you over a hump; or reducing the face amount to lower the monthly premium. Both of these options will allow you to keep the policy, while helping your cash flow. Now, if you are sure that you want to cancel the policy, you will first want to contact your agent and find out if there is a cash value, if so, how much it is, and if there is a surrender fee. ( if you just cancel, they may not be inclined to give you that money) If you have a whole life policy, and have had it for awhile, it can be a good amount. If there is one, then write the company, and tell them that you would like to surrender policy number xxxxxxxx, effective as of xxxxxxxx. You must be the owner of the policy to do this. If it is just a term policy, or a policy with no cash value, you can save yourself the stamp, contact the bank and cancel the monthly draft by the insurance company, and let it lapse, after a 30-60 day period, it will end on its own. If you need help, contact me, okay, I'd be happy to help. Thanks for asking!
If you are considering cancelling your life insurance, I would strongly suggest calling the company. They will mail, email, or fax your a form that you can use. More importantly, they may give you some options so that you can keep at least part of your death benefit without paying any more premiums.
I have heard from many people that customer service reps for life insurance companies can be confusing, so don't hesitate to drop me an email or give me a ring if you are unsure what they are talking about.
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I have heard from many people that customer service reps for life insurance companies can be confusing, so don't hesitate to drop me an email or give me a ring if you are unsure what they are talking about.