Cancelling insurance?

  • by sparkle
  • Nov 11,2017
  • 4 answers

Cancelling insurance?


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Insurance Answers (4)

Steve D last week

How are you paying for the policies and did you go past the "free look" period. If you are paying weekly or monthly, you are not entitled to a refund. If you paid for a year up front but the policy calls for annual open periods, you may not be entitled to a refund. If there was a free look period and you went one day over, you are not entitled to a refund (although you may be entitled to a refund of premiums for the uncovered period). In any event, you will owe for coverage for the one month you were covered.

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Insurance Pickle.com last week

They're not obligated to give you a refund past the free look period. You aren't obligated to pay them anymore though.
As the other responder said, they MAY give you a refund of "unused" premiums, but that is totally up to the carrier. And, you might think that you only had it for a month, but if you died they were out a whole lotta money. Kind of like a gym membership. You still pay even if you don't use it, because it's there if you do.

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Casey Y last week

They aren't refunding you anything. States permit a Free Look Period when you can return (cancel) the policy with a full refund. Its anywhere from 3-10 days and varies by state.
After the free look, the company is entitled to any earned premium, which may already exceed your deposit or down payment amount.
Just have to ask, is there something confusing about the Free Look Period? You seem to understand it...but don't want to accept it. If you were hit by a bus during that first month, would they be able to give back the premium and say "no coverage?" Of course not, so why should you get back that premium?

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Erik last week

You need to make better decisions. Who buys life insurance and then cancels one month later? If you had thought about it harder you wouldn't be in this position. Consider it a lesson that came with a price.

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