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?
June 24th, 2009 at 3:18 PM
Ask your friend Gary. He would tell you there isn't.
June 24th, 2009 at 3:18 PM
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.
If you want more information,You can refer to this blog which show you an article about Affordable Term Life Insurance Quote and Term Life Insurance Quote :
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Definition from Answer.com
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Hope that helps, post back if need be- regards- Richard Man U