How to Cancel Foresters Financial Life Insurance in 5 Easy Steps

There are many reasons you may need to know how to cancel Foresters Financial insurance. Whether you’ve found lower rates elsewhere or just don’t need life insurance any longer, the cancellation process is easy. We’ll take you through the steps for how to cancel Foresters Financial life insurance and help you shop for new coverage.

Before you cancel, read our Foresters life insurance company review. Foresters Financial reviews, rates, and ratings are all covered in detail. Keep reading to learn how to cancel Foresters Financial life insurance company coverage.

What are the steps to cancel Foresters Financial life insurance?

You can cancel your Foresters Financial life insurance at any time, for any reason. This makes the process fairly simple, but there are still steps you need to follow. There are differences between canceling term and permanent life insurance, but the steps are generally the same. These are the steps to follow:

• Step 1 – You can begin the cancellation process either by calling Foresters Life Insurance customer service or accessing your account online with your Foresters Financial login.
• Step 2 – Provide your personal details and policy number.
• Step 3 – Explain that you wish to cancel your life insurance. If you’re canceling because of high rates, the agent might be able to help you find other options.
• Step 4 – Ask for written confirmation of your cancellation. You may need to send in a policy cancellation request.
• Step 5 – Follow up with your company. Check to see if your cancellation is complete and if you are due a refund.

While the Foresters Financial cancellation process is simple, keep in mind that you may be charged fees to cancel your coverage.

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What should you consider before canceling Foresters Financial life insurance?

Although Foresters allows you to cancel your policy at any time, you might be hit with fees and penalties depending on the type of policy you have. Foresters Financial offers term and permanent life insurance options. Term life insurance is the cheapest type of coverage and holds no cash value. Canceling Foresters term life insurance is easy. You can either go through the cancellation process or just stop making payments.

If you’ve prepaid your term policy and then choose to cancel, you may be entitled to a refund. Either way that you choose to end your coverage, you can still be charged fees depending on what state you live in. Whole and universal life insurance are different in that they are more expensive and they have a cash value. If you cancel one of these policies, you can receive the cash value, minus any cancellation fees.

According to the Insurance Information Institute, you can be charged surrender fees when you cancel whole or universal life insurance. The longer you’ve had your policy, the lower the fees charged when you cancel. If you don’t go through the cancellation process and just stop making payments on your whole or universal policy, Foresters can use your cash value to pay for the policy until it is exhausted. While Foresters Financial child trust funds are available in the U.K., they are not available in the U.S. Canceling a child trust fund is tricky and will be subject to the insurance laws in your country.

How to Cancel Foresters Financial: The Bottom Line

You may be charged fees to cancel Foresters Financial insurance, but you can cancel at any time. You can begin the cancellation process online or by speaking with customer service.

There are many different companies out there that offer cheap life insurance that can fit your needs. Shop around and compare rates to find what works best for you.

We hope you’ve learned all you needed to know about how to cancel Foresters Financial.

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