2007-12-26 08:59:53 · 20 answers · asked by Anonymous in Business & Finance ➔ Insurance
If you don't pay you will be canceled for non-payment.
2007-12-26 09:04:19 · answer #1 · answered by catlady 6 · 0⤊ 4⤋
First, you must be the owner. Second, it depends on the type of policy. If it's a term insurance policy, yes, you can cancel at any time either by ceasing to pay premiums or notifying your insurance company that you want to surrender.
HOWEVER, if you have a universal or variable universal policy (and RARELY, some whole life policies), you may have what's called a contingent deferred sales charge (or "surrender charge") schedule that would eat into any cash values you have built up in the policy. For example, a policy might be issued with a 15-year declining schedule, so if you cancel after having the policy for 10 years, you would pay whatever predetermined rate or charges scheduled by the insurance company. If you have taken a policy loan or partial withdrawal, you might get a bill if the cash value is not sufficient to pay this surrender charge. You should consult the policy contract or the agent who sold the policy, or the insurance company's life sales customer service department.
Anyone who gives you a blanket "yes" is apparently not familiar with the different types of life policies sold, and the answer very much depends on what you own. Good luck!
2007-12-26 09:24:21 · answer #2 · answered by Anonymous · 2⤊ 0⤋
How To Cancel Life Insurance
2016-11-09 11:43:52 · answer #3 · answered by daviss 4 · 0⤊ 0⤋
That seems like an easy question...but not so much.
Depending on the type of insurance. If you have term insurance, you can cancel anytime.
If you have Universal, Variable or Whole life insurance the company has your cash value. If you cancel you policy, you'd get a small amount of the cash value.
They hate it when you cancel.
2007-12-26 11:40:35 · answer #4 · answered by beckoningsubstitutes 5 · 0⤊ 0⤋
Yes, you can cancel your life insurance policy anytime you want.
In your life insurance policy there should be a section referring to "Cancellation" that explains what you must do in order to cancel your policy.
Some insurance companies require you to send written notice through the mail requesting cancellation of the policy.
If you have paid premiums for future months, you may receive a pro-rata return of premiums paid, effective the date your policy cancellation takes effect.
I hope that helps! Best of luck to you.
2007-12-26 09:13:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
As LONG as you are the OWNER of the policy. Being a benificiary is NOT the same as being the owner. Being the insured is NOT necessarily the same thing as being the owner.
To find out the owner, LOOK in the policy specification page of the policy. Only the OWNER of a policy can authorize its cancellation or change of any kind.
As to the advise that you will need life insurance later on it life. BS
As to Life insurance will cost you more when you are older. BS.
As to "why would you want to cancel a lif insurance policy? BS.
You need to LEARN about the REAL issues of life insurance, not what the Nervous Nelly's are saying.
In response to GoodGyrl, my answer STANDS. IF it is a Life insurance policy and IF you are the owner, YES you can cancel it. Universal Life policies are a PURE rip off, plain and simple.But REGARDLESS, you can STILL cancell it as you see fit. Large UPFRONT loaded premium (actually a prepaid life policy are now illegal and have been for many years so I do not believe you have one of those)
The idea that you may have paid into it for 10 years and there being a deferred contingency sales clause is EXACTLY why UL is crap. But is the answer to CONTINUE to PAY into such a financial trap? Of course not. UL is the biggest LEGALLY sold scandle EVER perpetrated on the American family. Purveyors of this crap should be taken out in the back yard and SHOT. I will gladly do the honors.
And ANYone saying that a "YES" to your question is an inappropiate answer just DOESN'T UNDERSTAND or KNOW (or...maybe they DO) the wiley ways of how an insurance company and a complicit or ignorant sales agent can part a gulible family of their hard earned and scarce insurance resource dollars. It is MORE scandalous then ANY sub prime mortgage scheme or savings and loan debacle.
As SOON as you find yourself in a deep hole the first rule of thumb is to "stop digging". Anyone that wakes up and finds they have a UL policy needs to STOP DIGGING
2007-12-26 09:16:09 · answer #6 · answered by De Deuce 5 · 0⤊ 2⤋
Depending on the policy you hae and where y ou got your life insurance, it could cost you to cancel it earlier than a year but otherwise fter that you usually are fine. In some instances if you dont pay the premium they wont offer it to you and other cases they will continue to keep on the policy and bill you for it. The best bet is to call in and have it cancelled, they will tell you anything as far as it costing to cancel it early. It is best to get it well you are young because it is cheaper.
2007-12-26 09:05:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes. You have to send a letter that you want to cancel. A phone call is not going to do it. Make sure to include your name, address, phone number, and most importantly, the life insurance policy number.
If the next premium payment is coming soon, you can refuse to pay it and let the policy lapse.
2007-12-29 10:02:24 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Yes you can if you are the one who pays the bill. For instance, if your ex-wife has a policy on you that she pays for, you can't cancel it-she has to. The trick is getting another one at a price you can afford!
2007-12-26 09:02:41 · answer #9 · answered by CarbonDated 7 · 0⤊ 0⤋
Life ins policies can be cancelled whenever you want to.However, it might not be a wise thing to do.
2007-12-26 09:02:14 · answer #10 · answered by TedEx 7 · 1⤊ 0⤋
Yes you can, Just stop paying and you won't recieved life insurance. It is best to get life insurance when you're young also.
2007-12-26 09:01:51 · answer #11 · answered by becky m 4 · 2⤊ 0⤋