People always ask: How Do I Cancel My Gerber Life Insurance Policy? There are many reasons you might want to cancel your Gerber life insurance policy. Some reasons make good financial sense (like if you’ve paid off your loans and no longer need a policy to cover them) and some don’t (like if you want to spend your monthly premium payments on takeout instead).
Canceling your life insurance policy can be as simple as calling your insurance provider or skipping your payments. But the impact of canceling differs depending on how long you’ve had your policy and whether you have term life insurance, which is simpler to cancel, or whole life insurance, which might come with cancellation fees.
Reasons to Cancel Your Gerber Life Insurance Policy
There are many reasons you might consider canceling your life insurance policy.
- You no longer need it (for example, your kids are out of school and your mortgage is paid off)
- You can no longer afford the premiums
- Buyer’s remorse
- You have a permanent life insurance policy and want to separate your retirement investments from your life insurance
- You want to access the cash value of your life insurance policy
- You have found life insurance coverage at a better price
What Happens When You Cancel a Gerber Life Insurance Policy?
If you decide to cancel the policy, you’ll receive the accumulated cash value that has built up over time, minus any outstanding debt against the policy. If you’re temporarily unable to pay your monthly premiums, Gerber Life may be able to pay them for you by using your policy’s available cash value.
How Do I Cancel My Gerber Life Insurance Policy?
Thinking about letting go of your life insurance policy? Here’s a step-by-step guide on how to cancel your life insurance. To cancel your Gerber Life Insurance policy:
- Call customer service on 800-704-3331
- Ask to speak with a representative.
- Provide them with your policy number and customer details.
- Request cancellation of your life insurance policy.
- You will receive a confirmation letter or email.
Note: you may have to pay a cancellation fee. To cancel online, go to https://www.gerberlife.com/about/life-insurance-questions
To cancel over the phone, call: 1-800-704-3331
How to Cancel Your Life Insurance Policy FAQ:
1: How do I cancel my life insurance policy? You can cancel a term life insurance policy by stopping premium payments and letting the policy lapse or by contacting your insurer by phone or mail. To cancel whole life insurance, call your insurer directly to discuss whether a policy surrender, reduced paid-up option, or policy lapse is your best option.
2: Can I cancel my life insurance policy at any time? You can cancel term life insurance at any time without incurring any penalties. Canceling whole life insurance within the policy’s surrender period will result in a penalty, often subtracted from your policy’s cash surrender value.
3: Do I get my money back if I cancel my life insurance policy? You do not get money back after canceling term life insurance unless you cancel during the policy’s free look period, in which case you’ll receive a refund of any premiums you’ve already paid. You may receive some money from your cash value if you cancel a whole life policy, but it will be taxed as income.
4: What happens when you cancel a life insurance policy? After you cancel a life insurance policy, you give up the premiums you’ve paid into the policy and your beneficiaries won’t receive the life insurance pay out if you pass away.
5: Why should I cancel my life insurance policy? You may want to find a new policy or cancel your current coverage if you have buyers’ remorse, can’t afford your current premiums, or want to change the type of life insurance you have. If you’ve paid off your debts and no one relies on you financially, then you may want to cancel your policy to redirect your premiums toward savings or investments.
6: What age should you cancel life insurance? There’s no one right age, but some people cancel their policies when they are older and don’t need to leave a death benefit for their children