by mandamarrioo » Thu Feb 11, 2010 02:21 pm
Hi! Iam just wondering if there is anyway to cancel my life insurance policy. I am in a hardship, moneywise and cannot afford for it to come out of my paycheck anymore. Anyone know if Iam able to claim hardship to get out of this policy??
Posted: Mon Apr 05, 2010 06:37 pm Post Subject: Life Insurance is generally voulantary
Generally speaking Life insurance is a voulantary policy. It sounds like you may have opted in at work during an open enrollment period and now would like to opt out because of financial hardship? If this is the case a convbersation with your company HR manager should provide you with information on getting out of the plan.
Life insurance is a good thing to have and most people in this country probably don't carry enough but its a free country.
Posted: Sat Jul 10, 2010 10:10 am Post Subject:
In the UK, if it is a term life insurance policy then it is very simple to cancel. You just contact your provider and cancel it.
Failing that, just simply stop your payments and your provider should then cancel it (but you should always try contacting them first).
With a whole life insurance policy or Life Assurance then this is more complicated and cancelation details should be included with your policy notes.
If you purchased your insurance through a broker then I would definitely recommend you contact them first as they may be able to cancel on your behalf.
Posted: Mon Sep 20, 2010 12:06 pm Post Subject:
Hey David..I was thinking of going for an Assurance. Would you care to tell why it seems so complicated to you? You might end up helping me a bit.
Posted: Mon Oct 25, 2010 04:11 am Post Subject:
Well I think there should no problem if you wish to cancel your life insurance policy but you will be better served by contacting your service provider to find out the procedures involved. did you try doing that?
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