How Do I Cancel My Whole Life Insurance?
1305 POINTSview profileNeil SteinmanOwner, Orange County Health & Life Insurance,You can cancel by calling the carrier. It's a shame to cancel, since that defeats the purpose of a "whole life" policy. Be sure to you're aware of the implications. For example, there may be surrender charges or tax implications if you have a "participating" policy (in which you receive shares of the company's operating profits). You may have cash value in your policy from which you could borrow money (maybe that would enable you to KEEP your policy). Bottom line: if you cancel, ask about the implications of your particular policy.Answered on June 8, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.It would be a good idea to talk to the agent who sold you your Whole Life insurance policy, if he/she is still around, before making the decision to cancel your policy. If together you cannot find a way to make it an affordable asset for you to keep, your agent can assist you in cancelling it and possibly finding you alternative coverage that better fits your situation.Answered on June 8, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaFirst step, make sure you have the necessary coverage in place to indemnify your beneficiaries, who are exposed to economic liabilities you have generated before canceling your policy. Assuming you have real reasons to cancel your coverage; be advised that any gain in the whole life policy with be treated as an ordinary income tax event in the year that the policy is surrendered. You may also suffer a net premium loss, which is more than likely not recoverable. With all that covered you can contact the service desk of the carrier and they will send you the necessary surrender documents to process the policy termination.Answered on June 8, 2013+01+1 this answer
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