How to Cancel Accordia Life Insurance in 5 Easy Steps
Many consumers want to know how to cancel Accordia life insurance. There are several ways to cancel your life insurance, including using the free-look period or stopping paying your premiums. With the average premium payment for 60-year-olds at $121 per month, canceling life insurance could save you money.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
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UPDATED: Jun 30, 2023
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jun 30, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- If you’ve held a whole life policy for over 10 years, you could have enough cash value to cover your premiums
- Your insurer might let you lower your rate of coverage and reduce the death benefit amount
- Your cancellation options will depend on the type of life insurance you have, term or whole life
Life insurance is intended to assist your family in avoiding financial distress. However, getting stuck with the wrong policy, or one you don’t need, can trigger a slew of issues while you’re still alive.
The length of time you’ve had the policy, your age, and the type of policy you have (term or permanent) all influence your cancellation choices.
If you’re short on cash and want to save, or you no longer believe you need life insurance, you shouldn’t cancel it without first doing some homework. This guide will help you find out how to cancel Accordia life insurance the right way.
Compare quotes today for affordable Accordia life insurance by entering your ZIP code into our free comparison tool.
Step 1 – Canceling Different Types of Life Insurance
It is not difficult to cancel a life insurance policy. You can cancel at any point during the free look period, which usually lasts 10 days after purchase, by calling or writing your insurer. Any premiums you’ve paid will be refunded in full.
However, how you cancel after the free look period depends on the sort of policy you have.
- For whole life insurance, you can “surrender” the policy, which means that you choose to cancel or opt-out of your insurance.
- For term life insurance you may be able to sell your policy for a one-time cash payment in a life insurance settlement.
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Step 2 – Check if You’re in the Free Look Period
After you buy Accordia life insurance or any other life insurance, you have a short window of time to change your mind.
The free look period is a set amount of time, usually 10 days or longer, during which a new life insurance policy owner may cancel the policy without penalty.
Step 3 – How to Cancel if You Have Term Life Insurance
If you don’t pay your premiums on a term life insurance policy, you’ll typically lose your coverage entirely.
Stopping paying your term life insurance premiums is an easy way to let your policy expire.
This means your coverage will end. If you plan to purchase life insurance again in the future, the premiums will be higher because you will be older and potentially less healthy.
A life settlement is also a viable option. This option is usually only available if you’re 65 or older and your policy’s death benefit is $100,000 or more.
In a life settlement, the insurance policy is kept in place as an investor (usually a bank or insurance company) takes over as policy owner and beneficiary.
Step 4 – Surrendering Whole Life Insurance
Unlike term life, whole life insurance never expires, and the premiums are normally higher than with term insurance.
The biggest difference is the investment part of it: a portion of your premiums goes into building up equity in the program, which you can access at any point throughout your life.
You can surrender your policy and get cash if you’ve built up enough of that equity. Your whole life insurance policy can also be modified so that all fees are paid from the money in your account if you keep your excess insurance benefits.
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Step 5 – Get Your Life Insurance Refund
If you choose to take advantage of the free look period, for example, you will usually get a refund of your premiums if you cancel. The refund amount can be modified up or down depending on how well your investment options performed.
For term life, you can get money back if you cancel in the middle of your payment cycle. That means it will be a small amount, since the refund consists of any premium not yet applied to your account.
Insurers will usually pay out a lump sum for whole life policies with equity built up in them. Minus fees, you’ll get the rest of the policy’s cash value.
The first step to finding cheap life insurance rates is to enter your ZIP code below and compare.
Frequently Asked Questions
Why might someone want to cancel their Accordia life insurance policy?
There are various reasons why someone might want to cancel their Accordia life insurance policy. Some common reasons include a change in financial circumstances, finding a more suitable insurance policy, no longer needing the coverage, or dissatisfaction with the policy or customer service.
Can I cancel my Accordia life insurance policy at any time?
Yes, in most cases, you have the right to cancel your Accordia life insurance policy at any time. However, it’s important to review your policy documents and consider any potential consequences or fees associated with cancellation.
What are the steps to cancel Accordia life insurance?
To cancel your Accordia life insurance policy, follow these steps:
- Review your policy: Carefully review your policy documents to understand the cancellation terms, any potential penalties, and the process outlined by Accordia life insurance.
- Contact Accordia: Reach out to Accordia’s customer service department. Obtain their contact information from your policy documents or their official website.
- Request cancellation forms: Ask the customer service representative for the necessary cancellation forms. They will guide you through the process and provide any required paperwork.
- Complete and submit the forms: Fill out the cancellation forms accurately and completely. Include any requested documentation or supporting materials.
- Follow up and confirm: Keep track of your cancellation request and follow up with Accordia to ensure they have received the forms. Confirm the cancellation of your policy and ask for any documentation verifying the cancellation.
Are there any fees or penalties for canceling Accordia life insurance?
Accordia life insurance may impose fees or penalties for canceling your policy, depending on the specific terms and conditions outlined in your policy. These fees can vary and might include surrender charges or administrative fees. Review your policy documents or contact Accordia directly to understand any potential costs associated with cancellation.
How can I compare quotes from different life insurance companies?
You can compare quotes from different life insurance companies by entering your ZIP code into our free comparison tool. This tool allows you to receive quotes from multiple companies, giving you the opportunity to find affordable life insurance options.
Compare Quotes From Top Companies and Save
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.