Agent refuses to cancel life insurance

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1. I’m sorry to hear about your frustrating experience with your life insurance cancellation. If you’ve documented your attempts to cancel the policy, that will help if issues arise later. If you decide to stop payments through your bank, here are a few things to keep in mind:

   1. Policy Status: Stopping payments could lead to your policy being classified as lapsed, but it won’t officially cancel the policy. The insurance company might still pursue you for unpaid premiums.

   2. Credit Impact: While life insurance itself typically doesn’t directly affect your credit score, if the insurance company sends an unpaid balance to collections, that might impact your credit.

   3. Formal Cancellation Request: It’s a good idea to submit a formal written request to cancel your policy, keeping a copy for your records. This creates a paper trail that could be important for future reference.

   4. State Regulations: Check your state’s insurance regulations. Some states have specific requirements for canceling policies, and your agent should be following those guidelines.

   5. Contact Customer Service: If your agent is unresponsive, consider reaching out to the insurance company’s customer service directly to explain your situation and request your policy’s cancellation.

   6. Seek Legal Advice: If problems persist, you might want to consult with a consumer rights organization or legal professional for advice tailored to your situation.

   In any case, make sure to stay informed about your rights as a policyholder.

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