Before you end you life insurance policy you should contact your life insurance broker to see if there are any alternatives available such as a policy change. If the policy has a cash value, there maybe tax consequences should you surrender the policy. You want to make an informed decision.
In order to end your life insurance policy, you need to advise the insurance company in writing. Some companies require surrender forms.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
That is a great question! The most common method is you pass away. If that isn't your first choice, then You have a couple of options. ( and I'd strongly recommend that you speak with your agent or advisor first, especially if it is just a matter of unaffordable payments) The first is to write them, and tell them that you would like to surrender the policy. (contact me, and I'll explain surrender vs. cancel) the second is to stop paying it. Both methods will end the policy. If you need help, please contact me. Thanks for asking!
President, Lane Independent Agency, Southern California
With term, the answer is easy. Just stop paying for it and it will lapse. With permanent, you have choices. Some folks would notify the carrier they want to end it and "cash out". But remember that money then is taxable. Why would you want to do that? You can borrow against that policy, and the loan is tax free and never needs to be repaid, unless you lapse the policy. If you must stop paying, how about letting it just pay itself out from the growth of your policy with no premiums due? Think about your options! Talk with your agent. Thank you. GARY LANE.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The easiest way is to notify the company or your agent. When you just stop paying premiums some confusion can be involved. It is your policy, and it is your life. While I hate to see anyone stop protecting those that they love, the decision is entirely yours.
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In order to end your life insurance policy, you need to advise the insurance company in writing. Some companies require surrender forms.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.