How To Cancel A Life Insurance Policy?
- Free look-up period
- Surrender value
- Policy selling
In certain instances, policyholders may want to cancel their life insurance policy. Sometimes to cancel the policy an individual stops paying the premium amount. In certain circumstances, they must surrender their life insurance policy or sell it to a third party (brokers or investors). So a policyholder must consider all the options available to cancel their life insurance policy.
The following steps have to be followed to cancel your life insurance policy:
A policyholder may stop paying the premium and their policy will automatically lapse and cancel. Other different ways of canceling a life insurance policy are:
Here are the common reasons due to which people cancel their life insurance policy:
The canceling of a life insurance policy is not the only option available to a policyholder. Here are the alternatives a policyholder can consider:
Certain situations may arise due to which you have to cancel your life insurance policy. However, you have to think twice before arriving at a final decision. To make sure that you arrive at the right decision it is necessary to evaluate the pros and cons of cancelling your policy. You can also opt for alternatives instead of cancelling your life insurance policy.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
