How to cancel legal and general life insurance? To cancel a General and Statutory life insurance policy, you must contact the company directly. You can call their customer service number or send a written request to your mailing address. You may be required to identify yourself and provide policy details.
In addition, you may need to pay any outstanding premiums or fees before your policy can be cancelled. It is also important to be aware of any cancellation fees or penalties that may apply. It’s best to review the terms of your policy or speak to a customer service representative for more information.
How To Cancel Legal And General Life Insurance?
Cancelling a life insurance policy can be a difficult decision, but there may be circumstances where it is necessary. If you have a life insurance policy with Legal & General, here’s a step-by-step guide to cancelling your policy.
- Step 1 – Check your policy: Before cancelling your policy, it is important to review the terms and conditions to ensure you understand any charges or penalties that may be associated with cancelling your policy.
- Step 2: Collect your policy details: You must provide your policy number and other identifying information to cancel your policy.
- Step 3: Contact Legal and General Affairs: You can contact Legal & General by phone at 0370 218 5092, by email or by post to request cancellation of your policy. Please make sure you have your policy details on hand when you contact them.
- Step 4: Provide a reason to cancel: Legal & General may ask you why you are cancelling your policy. Be prepared to explain, such as financial difficulties or a change in your living circumstances.
- Step 5: View the cancellation policy: Legal & General will provide you with the cancellation terms of your policy, including any fees or penalties that may apply.
- Step 6: Confirm the cancellation: Once you have reviewed the terms and conditions and confirmed that you wish to proceed with the cancellation, Legal & General will process the cancellation and send you a confirmation.
It is important to remember that cancelling a life insurance policy can have financial consequences. It’s always a good idea to consult a financial advisor to make sure it’s the best decision for your financial situation.
Common reasons for cancelling Legal and General life insurance
Here are some reasons often cited by people who want to cancel their life insurance policy.
- Affordability – You may not have money in the bank to pay for your life insurance premiums.
- Divorce – Even after an amicable divorce, it may make sense to cancel a joint legal and general life insurance policy if you prefer to take out a new individual policy for yourself. However, your premiums will likely be higher for the same coverage because they will be higher than when you first bought the policy. Read more about life and divorce insurance.
- Changed circumstances: you may decide that you do not need or want life insurance if you no longer have any dependents; for example, if a family member becomes financially independent or dies tragically.
- You may also have already paid off your mortgage and feel like you no longer need financial protection, but as we’ll explain, cancelling a life insurance policy isn’t always the best course of action.
Should I cancel my life insurance policy?
Cancelling a life insurance policy has consequences. Yes, you will no longer pay monthly premiums, but you will also not have the peace of mind of knowing that your loved ones can be financially protected should the worst happen.
But will you not get your money back if you cancel your life insurance policy? Not necessary. If you cancel after the reflection period of 30 days after receipt of the cancellation and the term life insurance, you will not be refunded the premiums paid up to that point. If you cancel within 30 days, we will refund the premium you paid.
Can I change my Legal and General life insurance policy instead of cancelling it?
Yes, you can submit a request to Legal & General to change your life insurance policy instead of cancelling your policy. You may be able to increase your coverage without getting more medical information about certain life events, such as:
- The birth of a child or legal adoption
- Marriage or registered partnership
- A promotion or a new job that leads to a pay rise
- Increases in your mortgage as a result of moving to a new home and major renovations
You can also ask for other changes to be made, such as changing the term, the amount of coverage, or even removing a name from a joint policy. These changes may affect the premiums you pay and we must consider any change request based on your circumstances at the time. Terms and conditions apply and for more information please refer to your original policy schedule.
Will you get your money back if you cancel your life insurance policy?
If you cancel your life insurance with us, the answer depends on when you decide to cancel your statutory and general life insurance. There is a cooling-off period with your life insurance policy; if you cancel your policy within 30 days of receiving notice and policy, we will refund any premiums paid. If you cancel your insurance after this date, you will not be reimbursed. If a policy is cancelled, no premium will be paid, but your coverage will end. To cancel a policy written under trust, the settlor needs the consent of all trustees.
Conclusion – How To Cancel Legal And General Life Insurance
If you’ve taken everything into account and still feel you have no choice but to cancel your general and statutory life insurance policy, here’s how you can do it:
Call 0370 218 5092. They can record and listen to calls, and call charges vary.
By post: Legal & General Assurance, Society Limited, City Park, The Droveway, Hove, East Sussex, BN3 7PY.
In summary, cancelling a life insurance policy with Legal & General involves reviewing your policy, gathering your policy information, contacting the company, providing a reason for cancellation, reviewing the cancellation terms and finally confirming the cancellation.