Agent Won’t Cancel Life Insurance
I’ve reached out to my agent several times to request the cancellation of my life insurance, but I just received another bill today. This has been an ongoing issue for months. If I instruct my bank to stop the payments for the policy, will it negatively impact my credit or lead to other consequences?
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It sounds incredibly frustrating to be in that situation. If you stop payments without officially canceling the policy, the insurer might classify it as a lapse, which could affect your credit and potentially lead to penalties or fees. They could also keep sending bills, and you might still be responsible for the premium amount.
It’s best to document your cancellation requests and escalate your issue with the insurance company. You might consider contacting a higher-up in the company, or even reaching out to your state’s insurance commissioner for assistance. If needed, consult a legal professional for guidance on how to proceed without harming your credit. Good luck!