Canceling a Term Life Insurance Quotes Policy?
Life Insurance
Question by Gerrard L: Canceling a Term Life Insurance Quotes Policy?
Dear Sir, Due to being out of work I am considering canceling a term life insurance policy as well as a disability policy.When I’m working again I can see about replacement policy.Is there usally a penalty for canceling a policy?How would I go about canceling these policies?
Best answer:
Answer by Insurance Pickle.com
Ask your friend Gary. He would tell you there isn’t.
Add your own answer in the comments!
Tags: Disability Insurance, Mortgages, Penalty for Cancelling, Replacement Policy, Term Life Insurance Quotes Policy
I am sorry for your current stressful situation.
As you probably are aware, there is no surrender value in your Term life insurance policy. Therefore there would be no penalty in cancelling it. Same for most Disability policies.
But I am concerned about the loss of coverage should you have a change in health. Not only would you lose the disability benefit that you would be needing, you also could lose out on the opportunity of getting life insurance in the future.
As for how to cancel: Simply stop paying the premiums. If you are on automatic pay, contact your bank to stop that procedure.
It would be appropriate to notify the companies involved, but by not paying the premium without communicating you would be taking advantage of the grace period should something happen before the next premium come due.
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Definition from Answer.com
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Hope that helps, post back if need be- regards- Richard Man U