How to Cancel Accordia Life Insurance in 5 Easy Steps

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 about canceling Accordia life insurance

#1 – What’s the difference between canceling term and whole life insurance?

If you have enough cash value in a whole life policy, you may be able to pay all of your premiums with it. Your death benefit will be lowered as a result. Canceling term life on the other hand, can be done by not paying your premiums. 

#2 – Are there any alternatives to canceling my life insurance?

Yes. You can exchange a permanent life insurance policy for certain products tax-free. The first is called a 1035, a tax-free exchange. You can also change your policy.

#3 – Why may someone consider canceling their life insurance? 

It’s likely that you don’t need life insurance if you’ve paid off your big debts and your children are self-sufficient. Paying can also put a strain on your finances.

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