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Originally Posted by Jadey
Is it easy to cancel a term life policy before the period of the policy is up?
For example, my fiance and I just got a term life policy for a 20 year period and I was denied coverage for some reason not stated in the notification (I'm sure it was because of my weight, the person that sold us the policy thought it would be fine because I'd just had a checkup with my doctor and my bp/cholesteral, etc. were fine plus I had been gradually losing weight for the last 1 year+) but my fiance was fine. Since we had purchased a policy together can we cancel this and search for someone that may assume liability for my coverage?
Can I just call the agent and cancel the policy?
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First, sorry for the delay in responding. I was travelling all of last week doing insurance stuff.
I can only really answer this in general terms since there's a bit of a situation issue here. If you both applied for the same policy and only you were denied but the policy was put in force for just her, I would expect that 1) the policy should be cheaper than the price you were originally quoted for the two of you and that 2) you should be able to cancel without penalty. Personally speaking, I would keep you and your fiance on separate policies, but that's just my personal preferrence.
If you want to cancel, definitely call the agent and explain why. He should be able to tell you exactly what you need, but I'm certain you will have to put something in writing, basically just stating that you want to cancel it on a certain date and that you do not anticipate any claims being made under it. You don't need to explain why in writing.