Canceling Aflac Life Insurance: A Step-By-Step Guide

There are a few ways to cancel your Aflac life insurance policy. You can call Aflac's customer service line at 1-800-992-3522 and request to cancel your policy. You can also fill out the Customer Service contact form online, or reach out to your Aflac agent directly. If your policy is through your employer, you will need to fill out a cancellation form through their human resources department.

Cancelling via a customer service representative over the phone

To cancel your Aflac life insurance policy, you can call the customer service phone number at 1-800-992-3522. This phone number is operational 24 hours a day, every day of the year. When you call, follow the prompts to speak to a customer service representative and inform them that you wish to cancel your policy.

Before you call, make sure you have your policy number and personal information ready. The customer service representative will ask you for this information and may also give you instructions to follow. The representative will be able to cancel your policy within about 15–20 minutes.

Your coverage will last until the end of the month that you cancelled your insurance. If your policy has a cash value, you will receive that amount back when your policy ends.

Cancelling online via the customer service contact form

To cancel your Aflac life insurance policy online, you can fill out the Customer Service contact form. This can be found on the Aflac website at https://www.aflac.com/contact-aflac/contact-customer-service.aspx.

On the form, you will need to provide your personal information, such as your full name, address, date of birth, and email address. You will also need to include the policy number for the account you want to close. Select "Billing Question/Request" from the dropdown menu for the request type.

Once you have submitted the form, wait for a response from an Aflac representative to continue the process. Your coverage should be cancelled at the end of the month in which you made your request. If you do not hear back from Aflac before this date, you can contact your agent or call the Customer Support line to find out the status of your account.

It is important to note that you should not include sensitive information, such as your Social Security number, on the request form as it could pose a security risk.

Cancelling an employer-provided policy

If you have an employer-provided Aflac policy and you want to cancel it, you'll need to fill out a cancellation form through their human resources (HR) department. Here's a step-by-step guide on how to do it:

• Wait for an insurance open enrolment period: An open enrolment period is a 4-6 week period where you can opt for new healthcare options. While you can cancel a policy at any time, you won't be able to sign up for a new plan until the next enrolment period. These typically occur in November or December, for coverage in the following year.
• Get a Request for Cancellation form from your employer's HR department: Let your employer know that you want to cancel your Aflac insurance policy and they will provide you with the necessary forms. You can also find a generic form on Aflac's website.
• Fill out the form with your personal and policy information: Use black or blue ink and provide your name, Social Security number, and any other information requested. Include the types of coverage and the numbers for each policy you want to cancel. Sign and date the form.
• Get your employer's signature, if necessary: If you have pre-tax deductions, you'll need to get your employer's signature on the form. Pre-tax deductions are taken from your wages before taxes, affecting your taxable income. You'll also need your employer's signature if you're making changes to your insurance information due to marriage, divorce, or a change in dependents outside of an enrolment period.
• Return the form: Take the completed form to your company's HR representative, who will then send or fax the information to an Aflac office to process the cancellation. If your HR department wants you to send the form directly to Aflac, address an envelope to Aflac Policyholder Services, 1932 Wynnton Road, Columbus, GA 31999.

Your policy will typically cancel at the end of the month you requested on the form if you had post-tax deductions, or on January 1st of the following year if you had pre-tax deductions.

Surrendering a permanent life insurance policy

The cash surrender value is different from the policy's cash value, which is the total sum in the savings component of permanent policies. Surrender fees typically range from 10-35% and are usually highest in the early years of the policy, phasing out over time. Most policies have a waiting period of a few years up to 15 years before you can surrender them. Surrendering earlier will result in higher surrender charges, reducing the cash surrender value you receive.

To surrender your life insurance policy, you will need to:

• Contact your insurance company: Initiate the surrender process by phone and ask about the required documentation.
• Submit documentation: You will likely need to supply a surrender request form.
• Receive the cash surrender value: After processing your request, the insurance provider will send you the cash surrender value via check or electronic transfer.
• Obtain policy termination confirmation: You should receive confirmation of policy termination by mail. If not, you can request it.

It's important to note that surrendering a life insurance policy has consequences. You will no longer have life insurance coverage, and your beneficiaries will not receive a death benefit. Surrendering the policy can also result in a financial loss, as the cash surrender value is often lower than the total premiums paid. Additionally, you may be responsible for paying surrender fees and taxes on any earnings over the amount you've paid into the policy. Therefore, it's recommended to consult a tax or financial advisor before making a decision.

Letting the policy lapse

If you want to cancel your Aflac life insurance policy, you can simply stop paying the premiums and let the policy lapse. Your coverage will last until the end of the month before it gets cancelled. However, once the policy lapses, you will lose coverage and you will not be able to recover any of the premiums you have paid.

Before you decide to cancel your policy, it is important to evaluate your reasons for cancellation and consider how important life insurance coverage is to you. If you decide that you no longer need life insurance, you can contact Aflac to inform them of your decision to terminate the policy. You may need to fill out a cancellation form.

If you have a whole life insurance policy with a cash value, you may be able to surrender the policy and receive the policy's cash value minus any surrender fees. The amount of money you will receive may depend on how long you have had the policy, as the cash value component builds over time.

It is also worth considering alternatives to cancellation, such as reducing your life insurance coverage, withdrawing or borrowing from your cash value, or getting a new medical exam to qualify for a more competitive premium.

Frequently asked questions