Problem canceling term life insurance
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- Posts: 136
- Joined: Thu Nov 04, 2010 1:15 pm
Problem canceling term life insurance
I am trying to cancel an unnecessary term life policy with Northwestern Mutual Life. The agent says I cannot do it mid-year because I paid in full at the beginning of the year. He said I must wait until the renewal date and then ignore the bill letting the policy lapse. I would like to cancel now and get a refund for the remainder of the year. He said it is impossible. Does this sound right? I also adjusted my car and homeowner's insurance policies and in both those cases, I got a refund for amounts already paid.
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- Posts: 1561
- Joined: Wed Aug 29, 2007 12:18 pm
Re: Problem canceling term life insurance
Total BS from the agent. Send a certified letter to the company cancelling the policy and ask for a refund of unearned premium. PM me if that doesn't work.
Re: Problem canceling term life insurance
Some companies don't refund prorated premiums when you pay annually. If you want the correct answer just call NWM yourself.
Re: Problem canceling term life insurance
What companies? I have never heard of that. Maybe it is a state thing? I thought that in most (all?) states unearned premiums had to be returned.BruDude wrote:Some companies don't refund prorated premiums when you pay annually. If you want the correct answer just call NWM yourself.
Re: Problem canceling term life insurance
Off the top of my head I'm not sure, but have run into it before. According to OP, NWM may be one of them...Bobbybell wrote:What companies? I have never heard of that. Maybe it is a state thing? I thought that in most (all?) states unearned premiums had to be returned.BruDude wrote:Some companies don't refund prorated premiums when you pay annually. If you want the correct answer just call NWM yourself.