When can my group life insurance be canceled?
If your employer decides to stop offering life insurance as part of its employee benefits, it can cancel your policy. Otherwise, your coverage will automatically be canceled when you leave that job — unless there’s an option to convert to an individual policy.
Hi, I need a form to cancel our son’s life insurance policy. We had this policy taken on him when he was young but now we like to cancel it. Our son never found out we had this policy.
Hi Arne,
Thank you for reaching out to Finder.
IF you know the name of the company as well as the policy number of the insurance you took out, you may contact the insurance company directly to request for a cancellation form to start the process. Hope this helps!
Cheers,
Reggie
I have been paying a life insurance policy for about 15 years. It is only for $10,000 & $5,000 accidental death cover. The premiums have just gone up from $78 to $100 per month and I can no longer afford it. I have just turned 70 and just wanted a little money to leave for my disabled child. I struggle as it is should I keep paying or cancel the policy?
Hi Judy,
I am sorry to hear about the recent premium increase on your life insurance policy, which has now made it unaffordable for you. To help you determine how you should move forward, here are some things for you to consider:
1. You can compare cheap life insurance from top companies to find a better price for the same coverage.
2. If you cancel and use that money to pay $75 a month into an interest-bearing savings account instead, within 5 years you would have $5,000.
3. Remember that certain policy rates increase with age, so you may face another increase in the future.
Ultimately, assessing your current financial situation will go a long way in helping you decide which course of action is right for you.
I hope this helped! Please feel free to reach out with any additional concerns.
Best,
Zak
yes
Hi Wei,
Thank you for reaching out to finder.
If you are pertaining to yes in canceling your life insurance policy, you may do this by contacting the company where you took the policy out to know about the procedure in having this process completed. Hope this helps!
Cheers,
Reggie
Can I cancel my life insurance if it’s linked to my bond
Hi Lizette,
Thanks for reaching out! Generally, there is a period option in a life insurance which you can cancel your policy within days of policy starts. It would be best to review your policy as well as the terms and conditions of the bond to check for any consequences when you do decide to cancel it.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
Do I have money since my mom passed
Hi Heidi,
Thanks for leaving a question on finder and sorry to hear about your mother’s passing.
If your mother has life insurance, you can file a life insurance claim by following these steps:
1. Prepare to file. To file a claim, your insurer will typically require a copy of the death certificate, related medical reports and any original policy documents available.
2. Notify your insurer. Your beneficiary or rep contacts the insurance company by phone or online to start a claim. At this point, only policy information and the date and cause of death are required.
3. Follow your insurer’s procedure. From here, the process depends on your insurer. Generally, your beneficiaries will receive hard-copy forms to complete against specific instructions. Your insurer may also assign an officer to your claim.
4. Submit forms and supporting documentation. Your beneficiaries submit completed claims form, your death certificate and other documents as requested. 5. They’ll also indicate their payout preferences, either a lump sum or structured annuities.
Wait for assessment. Your insurer assesses your policy’s claim and supporting documentation. The process can take anywhere from a week to a month or more.
6. Learn claim decision. Your insurer announces whether your policy’s claim is accepted, declined or requires additional information.
-Payment of claim. Your insurer pays out the claim by check as requested by the beneficiaries. Ongoing payments can be sent by check or direct deposit to a bank account.
-Rejection of claim. If your insurer declines the claim, your beneficiaries have the option to file an immediate objection unless the rejection is due to fraudulent or falsified information in the policy or claim.
After your insurer pays out the benefit to your beneficiaries, your policy is considered closed. The payouts might be subject to taxes depending on your circumstances.
Cheers,
Joel