Posted: Thu Jul 17, 2008 10:06 am Post subject: Insurance sample cancellation letter
Hi All! Can you guys help me to write a letter to my insurer on canceling my existing policy? What information should I include in the letter? Is there any standard format that needs to be followed to create the best impression with the cancellation letter?
Anna Dementieva _________________ Register Now to have your Insurance queries solved.
Need to know the type of policy first...It may not be necessary to write a letter at all.. _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Posted: Thu Jul 17, 2008 10:24 am Post subject: Insurance sample cancellation letter
Hi Lori, thanks for your response. It's a life insurance policy that I've taken out four years earlier with my ex-spouse's name as beneficiary, but since then I've divorced and also have moved out of state. Hence, I don't want to carry that policy. _________________ Register Now to have your Insurance queries solved.
Posted: Thu Jul 17, 2008 10:35 am Post subject: Insurance sample cancellation letter
Hi Anna, IMO the insurance cancellation letter should carry the name and address of the policy holder, and also his contact details.
Then the body of the letter must contain the details of the policy like-the policy number, insurance company's name, followed by the reason of cancellation and the date when you wish the policy to be canceled.
The letter should conclude with your signature and date. Below given is an example of the insurance sample cancellation letter. Please make the necessary changes in it to make it appropriate for your purpose.
Posted: Thu Jul 17, 2008 11:17 am Post subject: insurance sample cancellation letter
Hi Anna, simply stopping the premium payment on your policy can do the trick. However, that may not be the wisest path to follow _________________ Register Now to have your Insurance queries solved.
Most life insurance policys will have the conditions in which you follow to cancel them, or minimally should be a phone number on it somewhere, call them or find the cancellation portion, generally you will need to send a copy...is it paid up or are you paying monthly on it ? _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Anna if your cancel your life insurance policy and subsequently become uninsurable then in the future you won't be able to buy any life insurance at any price.
You don't know, in the future, you may want financing for a business opportunity and the lender requires a collateral assignment of your life insurance as a condition of making the loan.
Or perhaps you go into business with someone and need the policy to facilitate a buy-sell agreement.
Can you honestly say, at this stage in your life, someone in your future, (spouse, child, grandchild) will NEVER need the financial protection your life insurance policy provides?
Life insurance is NOT a product you can just go out and buy because you want one. You have to qualify medically and be insurable before the policy will be issued.
Just something to think about before you cancel an in-force contract with the two year contestability clause satisfied.
You could just simply change the beneficairy designation by asking the company to send you a Beneficiary Change Form rather than cancelling the policy which may prove to be a financial mistake in the future. _________________ Gary Spicuzza, *SAFE
Copyright 1956.
No rights reserved.
*Self Appointed Financial Expert
Hey LORM, we'd be glad to help you. However, have you checked the insurance sample cancellation letter posted above by Rupert? Hope it'd solve your problem.
LORM, at times even a phone call can resolve the issue. Hence, you may wish to call the insurer up and take the service of their customer care. They can guide you through the cancellation process. But, why do you want to cancel the policy anyway?
