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Term Life Insurance |
Should You Cancel Your Life Insurance Policy?
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Should you cancel your life insurance policy? How do you do it? Well it's easy if you have a term life insurance policy: just stop paying your premiums! If you have a whole life insurance policy, or other policy that has accumulated cash values, the insurance company may owe you some money back. Make sure you understand the ramifications, including any possible penalties that you might incur. With a cash value policy, you should check with your financial advisor before you cancel.
Of more importance than how to cancel your life insurance policy is the decision whether or not to cancel at all. You had a need when you bought the policy. Has that need gone away? Do your loved ones no longer need the protection? If not, then you should consider very carefully before you cancel your life insurance policy. Things happen in life. Moments that seem unimportant at the time can sometimes have a domino effect and turn into major life happenings. Some things you just can't account for no matter how much you would like to. Everyone has had to juggle bills to take care of some financial burden; it's a part of life. You do your best to keep things paid on time and then the unexpected causes you to put a few bills on the back burner. You let a few things slide by while you dodge phone calls asking why you haven't made your monthly payment. We've all been there; again this is a natural result of living in an uncertain world. The mistake many make is what services they decide to cancel during times of financial straits. There are the menial things such as cable television subscriptions and cutting down on fast food, but then there are those dangerous decisions such as canceling your life insurance policy. Many people just don't understand what a foolish move this could be. In an uncertain world, nothing is more terrifying than going through it unprotected. If your loved ones still need protection, then you should consider other options to reduce the cost of your life insurance policy. For instance, you might be able to replace it with a cheaper policy that still provides the same or more coverage. If you have a cash value policy, you might consider replacing it with a term policy for considerably less money. Keep in mind though that you must consider the cash value that has been built up in your current policy. If you have a term policy, you might replace it with a term policy with a shorter duration. Or you might reduce the face amount. After all, some coverage is better than none. If your loved ones still need protection, then to cancel your life insurance policy is not the right decision. Talk with your advisor about options to reduce the cost of your coverage. Additional Resources: Here are some resources that will provide you with additional life insurance information:
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