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    Cancelling the Life Insurance Policy

    By Busines expert | July 6, 2011

    A life insurance policy is quite mandatory when it comes to securing your life and that of your dependent family members. However, in times of tough financial conditions or dire dissatisfaction about the policy terms, you think of canceling your policy.

    The best way is to communicate with your company and ask them to mail you a “surrender” form, either by mail or by fax. The company will definitely try to retain you, although will accept your request, if and only if you are the owner of the policy.

    Once you get the form, fill it accurately and mail or fax it back to your company. Keep a tab as to whether they have received it. Allow the company to process your form and pay you back your payout amount. Another way to cancel the policy is to stop paying your premiums and ask your bank not to honor the requests of your insurance company till your account is automatically processed for surrender by the company’s system.

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