How To Cancel A Globe Life Insurance Policy?

  1. 1313 POINTS
    Lenny Robbins
    Principal, LifeNet Insurance Solutions, Redmond, WA
    The best way to cancel a Globe Life Insurance policy, or any life insurance policy is to call the customer service department and tell them your plan.  They will give you specific information for that carrier.  However, you would also be wise to contact your bank or credit union and have them stop the monthly EFT payment.  If you need coverage, make sure you have it in place and active before you cancel.
    Answered on April 17, 2014
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    Great question! There are a couple of things I'd have you look at before you cancel the policy. The first, and most important, is do you have coverage to replace it? It is always wise to have something in place to protect yourself from the unexpected. Second, is it a matter of affordability? You may want to reduce your coverage amount, and thus your premium payments, and keep the policy in force, especially if you have health issues. Lastly, have you had this policy a long time? There may be some cash built up in it that you would forfeit if you just stopped paying, and let it lapse, or told them you want to cancel, as opposed to "surrender" the policy. If you surrender it, you should be able to get some or all of that cash back. I hope that helps you, if you need more information, contact me, I'm happy to help. Thanks for asking!
    Answered on April 18, 2014
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  3. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    You may cancel your policy with Globe Life Insurance Company by calling 1-888-650-4081 which is their customer service line. If it is a cash value plan or permanent life insurance plan you may receive the cash value proceeds upon canceling. Be sure you are not close to an anniversary date that may pay you more money to wait until the date has passed.  If it is a term policy then nothing more will be paid. I highly recommend you having another life insurance in place before cancelling this policy as it can take several weeks to get through underwriting. Also it is prudent to notify your bank or institution if your premiums are drafted from your account of the cancellation.
    Answered on April 18, 2014
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