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 Posted: Fri Apr 03, 2009 3:24 pm Post subject: should i have a specific reasone to cancell the policy |
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| I Appliyed for the life police when i was employee of the same company.Policy get issuied in 23rd March 2009.I received it on 25/03/09.At present I am not the employee of the same co. and i m jobless so,I want to cancell my policy in freelook period due to Financial Problem.Company says financial and personal reason is not accepted to cancell the policy in freelook period.they are not ready to even accept the requiest for the same.I want to know that is there any clause in life insurance for cancelation of the policy client must have other reason expect personal of finance. |
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snjybanker
New member
Joined: 03 Apr 2009
Posts: 1
1.48 Dollars($)
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| Posted: Sat Apr 04, 2009 10:49 am Post subject: insurance |
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| If you had gotten the policy through your Employer, sometimes you have to have it for a certain amount of time, before you cancel it. Do you know if this is the case? For example: ..an agency I worked for was giving Accidentally Disability Insurance. A 'clause', in the paperwork, stated you couldn't cancel it until the "next cycle." So......when I quit THAT job, I STILL had to pay for it until the "next cycle". I REALLY din't want it, but, I couldn't stop it, either, at the time I wanted to. |
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sdchargersfan
Senior member
Joined: 21 Aug 2007
Posts: 1683
4.14 Dollars($)
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| Posted: Mon Apr 06, 2009 8:52 am Post subject: |
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Look inside your life insurance policy contract.
There should be a provisions section that explains what is required of you in order to cancel your life insurance policy.
Usually, you must send a written request signed and dated including your name, name of the insured, the policy number and the date the cancellation should take effect. This written request should be sent to the insurance company listed on the front page of your life insurance policy.
If you have any questions, you can contact your life insurance company by phone or call your life insurance agent.
My suggestion is u dont cancel ur policy....because it has many advantages...Your first step is to check whether the internal rate of return on the policy’s investment component is at least 4 percent or 5 percent. (To calculate that, divide the current cash value by the sum of last year’s cash value and your annual premium.) “If your policy is earning that much, then it can definitely be worth keeping,” he says. “That’s 4 percent or 5 percent tax-free.” |
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SuperAgent
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Joined: 06 Apr 2009
Posts: 73
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| Posted: Mon Apr 06, 2009 1:54 pm Post subject: |
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My friend..going through your policy papers might give you an idea of what your next step should be. If I'd have been in your place..I'd have sent them everything in writing and asked the same from them. Also, would suggest you to get in touch with the department of insurance if everything else fails.
Fatman |
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fatman
Moderator
Joined: 04 Oct 2005
Posts: 571
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| Posted: Tue Apr 07, 2009 1:30 am Post subject: |
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| Quote: | | I Appliyed for the life police when i was employee of the same company.Policy get issuied in 23rd March 2009.I received it on 25/03/09.At present I am not the employee of the same co. and i m jobless so,I want to cancell my policy in freelook period due to Financial Problem.Company says financial and personal reason is not accepted to cancell the policy in freelook period.they are not ready to even accept the requiest for the same.I want to know that is there any clause in life insurance for cancelation of the policy client must have other reason expect personal of finance. |
Your use of the English language is making it hard to understand the details of exactly what happened. In a free look period, a policy can be cancelled for any reason. I'm guessing that you spoke to someone at the firm who sold you the policy and not the insurance company. Going forward, there are two ways to cancel a policy. Either contact the insurance company or simply stop paying the premiums. |
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InsuranceExpert
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Joined: 05 Apr 2009
Posts: 650
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| Posted: Wed Apr 08, 2009 8:58 am Post subject: |
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| I am completely agreed with Insurance expert. If free look period is given in specific product then you don’t require and specific reason to cancel the contract / policy within free look period. Probably you bought the policy from an agent. Please check with Operation / customer care dept. of your insurance company. |
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WALLE
New member
Joined: 20 Mar 2009
Posts: 20
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| Posted: Wed Apr 08, 2009 11:20 am Post subject: insurance |
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| Don't Insurance policies have some kind of 'grace period' to see if you are satisfied with the policy? OP..just curious: are they taking monthly payments out of your bank account, etc.? |
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sdchargersfan
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Joined: 21 Aug 2007
Posts: 1683
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| Posted: Wed Apr 08, 2009 2:27 pm Post subject: |
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| Quote: | | Don't Insurance policies have some kind of 'grace period' to see if you are satisfied with the policy? OP..just curious: are they taking monthly payments out of your bank account, etc.? |
Did you not read the two posts directly above yours? |
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dgoldenz
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Joined: 10 Jan 2009
Posts: 283
Location: Virginia
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| Posted: Wed Apr 08, 2009 2:47 pm Post subject: |
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Hi Walle,
| Quote: | | Please check with Operation / customer care dept. of your insurance company. |
I guess the agent would also have this information. At times it is easier to knock on your agent, when the CSR phones get busy for long hours. Am I right!
ArindamSenIndies |
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ArindamSenIndies
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