Cancelling Globe Life Insurance: Are Refunds Possible?

If you're considering cancelling your Globe Life Insurance policy, it's important to understand the implications and options available to you. You can cancel your policy at any time, but it's recommended to consult an agent or financial planner beforehand to explore alternatives. While you may be able to receive a refund, this depends on your policy type and circumstances. During the initial free look period, you can get a full refund of your premium payments. For whole life policies with accumulated cash value, you may also receive a partial refund after this period, minus any fees or charges. However, for term life insurance policies, you typically won't receive a refund if you cancel. To initiate the cancellation, you can contact Globe Life Insurance's customer service department by phone or follow their website's cancellation process.

Cancelling Globe Life Insurance

Cancelling a Globe Life Insurance subscription can be done in several ways. It is important to note that while you can cancel at any time, you may not get a full refund of your premiums paid.

Ways to Cancel

You can cancel your Globe Life Insurance policy by calling their customer service department at 1-888-650-4081. Alternatively, you can send a letter of cancellation to Globe Life Insurance with all the necessary details. This can be done independently or through a third-party service such as Xpendy, which offers to send a registered letter on your behalf, keeping you updated throughout the process.

Refunds

The possibility of a refund depends on the type of policy you have. If you have a term life insurance policy, you will not receive any refund upon cancellation as these policies do not build up cash value. However, if you have a permanent life insurance policy, such as whole or universal life insurance, you may receive a portion of your premiums back minus any applicable fees. These policies accumulate cash value over time, so you may get some of this value back upon cancellation.

It is recommended to consult your life insurance agent and a financial planner to understand the implications of cancelling your policy and to explore alternative options.

Getting a refund after cancellation

Term Life Insurance

Term life insurance does not offer refunds upon cancellation because it does not accumulate cash value. The premiums you pay are for the coverage during the term. However, if you have purchased a "return of premium" term life insurance policy, you can recoup your premiums when the term expires.

Whole Life Insurance

Whole life insurance policies accumulate cash value over time, and you may receive a refund of your premiums minus any fees or charges upon cancellation. Surrender charges for whole life insurance policies typically range from five to ten percent of the policy's face value.

Universal Life Insurance

Universal life insurance policies also accumulate cash value, and you will usually receive a refund of your premiums minus any applicable fees or charges upon cancellation.

Globe Life Insurance Cancellation Process

To cancel your Globe Life Insurance policy, you can contact their customer service department by calling 1-888-650-4081. You can also visit the Globe Life Insurance website and follow their cancellation process. During the initial "free look" period, you may be able to get a full refund of your premium payments. Additionally, you can use a service like Xpendy, which will send a registered letter of cancellation on your behalf for a fee.

It is always recommended to consult your insurance agent and a financial planner before cancelling your life insurance policy to understand the implications and explore alternative options.

Surrender charges and fees costs

Surrender charges and fees are costs incurred when cancelling a life insurance policy. These charges can vary but are typically between five and ten percent of the policy's face value. They are meant to recover the insurer's initial costs and discourage early termination. Surrender charges are usually imposed if you cancel your policy before a certain period, as detailed in the policy's terms.

When cancelling a life insurance policy, it is important to be aware of the potential costs and fees involved. In addition to surrender charges, there may also be cancellation fees, which are typically a percentage of the premiums you have paid into the policy. These fees can vary depending on the policy type and the insurer. It is crucial to review the policy's terms and conditions carefully to understand the specific costs and charges associated with cancellation.

For term life insurance policies, cancelling typically means forfeiting any premiums paid, as these policies do not build up cash value. However, if you have a "return of premium" term life insurance policy, you may be able to recoup your premiums upon cancellation or at the end of the term. On the other hand, permanent life insurance policies, such as whole or universal life insurance, may provide a refund of premiums paid minus any applicable fees upon cancellation, as these policies accumulate cash value over time.

It is important to note that the refund received upon cancellation may be less than the total premiums paid due to administrative costs and cancellation fees. Therefore, it is advisable to carefully evaluate the costs and benefits of cancelling your life insurance policy before making a decision. Consulting with a professional financial planner or insurance agent can help you understand the specific implications and options available to you.

Cancelling through a third party

Cancelling your Globe Life Insurance policy through a third party is an option, but it may come with additional costs. Websites such as Xpendy offer to send a registered letter of cancellation to Globe Life Insurance on your behalf, with all the necessary details included. This method is completely legally valid, and you will receive proof of posting.

Another third-party option is to use a money management app such as Emma, which can help you cancel your Globe Life Insurance membership. The app connects to all your bank accounts and helps you track paid subscriptions and bank fees.

Remember that cancellation through a third party may incur additional costs, so always check the terms and conditions carefully.

Cancelling by phone

Cancelling your Globe Life Insurance policy by phone is a straightforward process. Here's a step-by-step guide to help you through the process:

• Call Customer Service: Dial 1-888-650-4081 to reach the Globe Life Insurance customer service department. This number is specifically provided for cancellation requests.
• Provide Necessary Information: Have your policy details ready when you make the call. You will need to provide information such as your name, policy number, and any other relevant details to identify your policy.
• Confirm Cancellation: During the call, the customer service representative will guide you through the cancellation process. They may ask for your reason for cancelling and try to offer alternative solutions or adjustments to your policy. It is important to be clear and firm about your decision to cancel.
• Understand Refund Options: Before finalising the cancellation, be sure to discuss any refund options available to you. As mentioned earlier, the refund policy depends on factors such as your policy type, location, and applicable fees. Ask about the specific refund amount and when you can expect to receive it.
• Follow-up and Documentation: After the call, make sure to take note of any relevant information discussed during the call, including confirmation numbers or reference codes. You may also want to make a follow-up call to confirm that the cancellation process is complete and to verify the status of your refund, if applicable.

Remember, it is always a good idea to consult with your life insurance agent and a financial planner before cancelling your policy to understand the implications and explore alternative options. Additionally, review your policy documents and the Globe Life Insurance website for any specific instructions or updates regarding their cancellation process.

Frequently asked questions