From time-to-time policyholders feel the need to cancel a policy.
It is important to remember to always consult with a licensed agent before canceling your policy! Your policy could include return of premiums and other benefits you may not be aware of.
Often, calling the insurance company directly is a big mistake since they are less likely to make you aware of monetary values you may be relinquishing by canceling. Remember, once a policy is cancelled, there is no turning back and returns of premium, if any, are lost. The only way to get coverage again in the future would be submitting a new application at the attained age and under the latest medical conditions, including past prescriptions for previous conditions. Also, many insurance companies will not consider a new application from the same insured sooner than a year from the date of cancelation.
Reasons may vary, but we find that the most common reasons policyholders feel the need to cancel a policy are:
- Policyholder can’t afford the premiums or feel they are too high.
- Policyholder feels has found a lower rate for the same coverage.
- The debt the insurance was to cover has been paid off.
- Policyholder gets a job that offers low-cost group life insurance.
- Policyholder gets a divorce.
- Policyholder is permanently moving outside of the US.
- Beneficiary dies before the insured.
Whatever your reason may be, we are here to help!
Please fill out and submit the form below to request a Policy Cancelation and we will make sure to go over your policy to ensure you do not relinquish any return of premiums you may be entitled to before canceling.