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Old 01-20-2013, 07:46 AM   #21
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I had term life for many years, with the same thoughts you have now, dropped it when we became financially secure.
+1. It's really as simple as that IMO. I had term insurance when I had no "estate" to take care of DW. Not that we're FI, term insurance is superfluous. What the premiums are is irrelevant then. YMMV
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Old 01-22-2013, 03:36 AM   #22
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How hard can it be to cancel a term life policy?

Well.....

1. the agent who sold me the policy (a major bank) tried to talk me out of it (which was fair enough) but then said I had to deal directly with the insurance company (unlike when I took out the policy)

2. insurance company then sends me a form to complete which simply says to complete and return the form to them and provides both a street address and a fax number

3. I sent it in by fax and then got a letter saying they wouldn't accept fax instructions. They were unable to explain why there was a fax number on the form and no statement that fax would not be acceptable

4. I re-sign the wretched form and then get another letter saying that I have to provide a copy of my HK Identity Card "if it has changed since I applied for the policy"

5. I point out that my HKID card has not changed and they then tell me that they need me to send them a copy of my HKID card "so they can confirm that". They were unable to explain why they couldn't just say "provide a copy" on the form in the first place if they were always going to ask for it

6. from my end, I have told them in writing that I have cancelled the policy, that I am not interested in complying with any more nonsensical administrative requirements, that I will not be wasting my time on any further correspondence and they will be responsible for any bank charges if they attempt to debit my bank account with the annual premium
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Old 01-22-2013, 04:34 AM   #23
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How hard can it be to cancel a term life policy?

Well.....

1. the agent who sold me the policy (a major bank) tried to talk me out of it (which was fair enough) but then said I had to deal directly with the insurance company (unlike when I took out the policy)

2. insurance company then sends me a form to complete which simply says to complete and return the form to them and provides both a street address and a fax number

3. I sent it in by fax and then got a letter saying they wouldn't accept fax instructions. They were unable to explain why there was a fax number on the form and no statement that fax would not be acceptable

4. I re-sign the wretched form and then get another letter saying that I have to provide a copy of my HK Identity Card "if it has changed since I applied for the policy"

5. I point out that my HKID card has not changed and they then tell me that they need me to send them a copy of my HKID card "so they can confirm that". They were unable to explain why they couldn't just say "provide a copy" on the form in the first place if they were always going to ask for it

6. from my end, I have told them in writing that I have cancelled the policy, that I am not interested in complying with any more nonsensical administrative requirements, that I will not be wasting my time on any further correspondence and they will be responsible for any bank charges if they attempt to debit my bank account with the annual premium

Stop paying the premiums and the cancelling will take care of itself in 30 days!
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Old 01-22-2013, 05:06 AM   #24
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Stop paying the premiums and the cancelling will take care of itself in 30 days!
I have done that and told the insurance company but they don't seem to be willing to let go.
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Old 01-22-2013, 05:45 AM   #25
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I have done that and told the insurance company but they don't seem to be willing to let go.
You advised them in writing. When the payments stop coming in they'll get the message.
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Old 01-22-2013, 09:17 AM   #26
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I have done that and told the insurance company but they don't seem to be willing to let go.
Of course they're going to try to cajole/coerce you into staying on board, but it's all in your hands...
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Old 01-22-2013, 02:53 PM   #27
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How hard can it be to cancel a term life policy?
You were very patient I would have written them a letter stating my desire to cancel the policy, signed it, and sent it to them "return receipt requested" to prove it had been delivered. If they caused me bank fees or dinged my credit after that--straight to a hungry lawyer.
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Old 01-22-2013, 04:18 PM   #28
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Our insurance agent was able to take us off auto-pay about a month before the end of the term and the rate hike. Policy canceled shortly after. Check back with your unhelpful agent to see if he can change it.
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Old 01-22-2013, 04:40 PM   #29
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Well, it is a bit morbid, but you are getting a really good deal as your rates would shoot up if you reapplied. Even if I was fi, I would keep the insurance until it expires.
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Old 01-22-2013, 06:08 PM   #30
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Have dropped the term on my DW, and planning to drop the term on me. Have a ton of term at low cost through my w**k that is more than adequate.
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Old 01-23-2013, 01:08 PM   #31
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If I could easily afford the premium I too would keep this insurance and simply reassign the beneficiary -- I have sooooo many organizations/charities I would love to contribute to, whether living or dead, and if I was able to pay a small premium to give a favorite charity a wonderful chance at a nice payoff (at an insurance carriers expense) then why not --- I would just see paying the premiums as a wonderful gift instead of wasted excess. Dropping the insurance at the riskiest part of the policy period is only benefitting the insurance carrier unless you really have no person or organization in your life that you feel you would want to possibly surprise with a big check someday, or if you really need the premiums more than the joy it would bring knowing that a surprise check possibility would bring.
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Old 01-23-2013, 02:17 PM   #32
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Keeps DW happy, even though we don't need it here. I personally would if it weren't for her idea.
Not too much (maybe $50 / month) for us both, so until we need to eat the policy, we'll keep it for 10 more years.
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Old 01-23-2013, 02:37 PM   #33
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If I could easily afford the premium I too would keep this insurance and simply reassign the beneficiary -- I have sooooo many organizations/charities I would love to contribute to. . .
"Well, Jimmy, it looks like we're out of funds and will need to close the soup kitchen. Hey--remember that guy that assigned his life insurance payout to our kitchen? Haven't heard from him. Maybe we should drive over tonight and see if he's okay . . .'
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Old 01-23-2013, 02:57 PM   #34
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"Well, Jimmy, it looks like we're out of funds and will need to close the soup kitchen. Hey--remember that guy that assigned his life insurance payout to our kitchen? Haven't heard from him. Maybe we should drive over tonight and see if he's okay . . .'
I guess this is sarcasm but of course I doubt beneficiaries of policies have to be notified before the estate is settled that they are due funds.
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