What to do to cancel your insurance policy?
The insurance policy can be canceled before the term of its policy period. There are some reasons why you want to cancel your insurance policy. If you no longer need your insurance policy you can cancel it.
Insurance gives you risk cover, but you may decide that you no longer want or need your policy cover, then go for these steps. This article explains what you can do if you want to cancel it. Your provider company will help you through the process of cancellation. Some companies ask you to sign a document, while others may ask you to send a mail to them.
Just follow these steps and cancel your insurance policy in the ways as prescribed below:
- First of all you should know about the terms and conditions of your insurance policy. Contact your insurance agent and inform him that you want to cancel your insurance policy and ask him what options available to cancel the policy.
- You should stop paying your policy premium and ask insurance provider to cash out on the policy fund which you have already paid in the past.
- You should make application in writing contain all necessary information such as your name, address, policy number, the renewal date of the policy and the signature of all policy holders.
- Know whether there is any cancellation fee on termination of the policy contract by reviewing the policy on your own or ask your agent about it as he can easily tell you.
- Follow the procedure of termination of the contract and cancel your insurance policy.
If you need more help or support, make sure that the process goes smoothly, you can always reach out to your company or agent.
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