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Surrender your life insurance policy if you have outgrown the coverage.

Unnecessary life insurance polices can be canceled in the occasion you no longer need the coverage. Prior to you cancel your life insurance policy, entry your current needs and the rate of return on the policy. If you plan to get life insurance once again at some later free time, hold on mind that rates boost as you get older and your well-being changes. If you need less coverage, speak to a broker close to transferring to a new life insurance policy.

Difficulty: Moderately Easy

Instructions

1 Find away your tax responsibilities before canceling the insurance scheme. The cash received on the cancellation of a whole life insurance policy that exceeds your premium payments yous regarded like income by the IRS and taxed as such. Death benefits are typically tax free of charge. Discuss any tax penalties with your accountant.

2 Stop paying the premiums on the life insurance policy. Once payment on the scheme lapses your insurance coverage will no longer be available.

4 Send the cancellation observe via certified mail to the insurance company. Certified mail confirms receipt of the cancellation notice by the insurance company.

5 Sign any required documentation away from the insurance corporation. To confirm cancellation and receive any payments, the business may want you sign documents that acknowledges the surrender of the scheme.

References

CNN Money: Concealed Assets: Stop Repaying with Unnecessary Life insurance Budget Life: Must You Cancel Your Life Insurance Policy? internet site: Weighing Costs, Benefits of Term Life Insurance

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