Gerrard L asked:
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?
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?
{ 2 comments }
Ask your friend Gary. He would tell you there isn’t.
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 :
Affordable Term Life Insurance Quote Online:
How to get The Best Term Life Insurance Quote ARTICLE
Affordable Term Life Insurance Quote VIDEOS
The Best Term Life Insurance Quote VIDEOS
Definition from Answer.com
Hope that helps, post back if need be- regards- Richard Man U