Cancelling term life policy?

[Midpack]

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...

 

[samclem]

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.

 

[akck]

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.

 

[AndrewJackson]

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.

 

[MDJO]

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.

 

[militaryman]

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.

 

[Surewhitey]

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.

 

[samclem]

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 . . .'

 

[militaryman]

"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.