Jeffrey Wade
Freedom Life Insurance Company of America is a subsidiary of USHealth Group. It offers a simple life insurance plan for families who want to protect their loved ones: term life insurance. Cancelling a Freedom Life Insurance policy can be as simple as stopping payments, as the company only offers term coverage. However, it is recommended that customers contact their insurance agent or the company directly to end their policy. This can be done by phone, fax, mail, or email. Before cancelling, it is important to consider the implications, such as losing access to free preventive care and potential fines for not having insurance, especially if you are cancelling outside of Open Enrollment.
| Characteristics | Values |
|---|---|
| Company Name | Freedom Life Insurance Company of America |
| Company Address | 300 Burnett Street Suite 200 Fort Worth, TX 76102-2734 |
| Company Email | [email protected] |
| Company Phone Number | 800.387.9027 |
| Cancellation Policy | No official policy, but customers can cancel by stopping payments |
| Customer Service Phone Number | 1-866-722-8744 |
| Customer Service Email | [email protected] |
| Customer Service Hours | Monday to Friday from 7:00 a.m. to 7:00 p.m. CT, and on Saturday from 8:00 a.m. until 1:00 p.m. CT |
What You'll Learn
Cancelling Freedom Life Insurance: Contact Details
Freedom Life Insurance Company of America is a subsidiary of USHealth Group. The company offers one simple life insurance plan for families: term life insurance. USHealth Group has covered over 15 million members to date.
If you want to cancel your Freedom Life Insurance policy, you can do so by contacting your insurance agent directly. You can also stop paying your premiums, as your term insurance plan is only in effect as long as you pay during your term. However, it is better to contact the company if you want to end your policy.
The contact details for Freedom Life Insurance are as follows:
- Phone number: 1-866-722-8744
- Email: [email protected]
- Address: 300 Burnett Street Suite 200 Fort Worth, TX 76102-2734
Customer service is available Monday to Friday from 7:00 a.m. to 7:00 p.m. CT, and on Saturday from 8:00 a.m. until 1:00 p.m. CT.
It is important to note that Freedom Life Insurance is not available in all 50 states. Therefore, it is recommended to check if the company offers coverage in your state before initiating the cancellation process.
Additionally, if you have purchased your Freedom Life Insurance plan through a health insurance marketplace, such as healthcare.gov or a state marketplace, you can cancel the policy by logging into your marketplace account. From there, you can select "My Plans & Programs" and then "End (Terminate) All Coverage." You will then set your coverage end date and follow the final instructions to cancel your policy.
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Cancelling Without a Penalty
Cancelling your Freedom Life Insurance policy without incurring a penalty requires careful consideration and adherence to specific procedures. Here is a detailed guide to help you through the process:
Understand Your Policy
Before initiating the cancellation, it is crucial to have a clear understanding of your policy's terms and conditions. Review the policy duration, premium payment schedule, exclusions, and limitations. This knowledge will enable you to make an informed decision and navigate the cancellation process effectively.
Evaluate Your Reasons
Consider your reasons for cancelling the policy. Are there any changes in your financial or personal circumstances that necessitate this decision? For example, you may have paid off all your debts, accumulated sufficient savings, or experienced a significant life event such as divorce or the birth of a child. Evaluating your reasons will help you determine if cancellation is indeed the best course of action.
Contact Freedom Life Insurance
Reach out to Freedom Life Insurance to initiate the cancellation process. You can contact their customer service department by phone or visit their website to submit a cancellation request. Their representatives will guide you through the specific steps and address any questions or concerns you may have.
Complete the Necessary Paperwork
After initiating contact, Freedom Life Insurance will provide you with the required paperwork to cancel your policy. Carefully fill out these forms, providing accurate and complete information. This step is crucial to ensure a smooth cancellation process. You may need to provide details such as your policy number, personal information, and the date the policy was issued.
Understand Cancellation Fees
Before finalizing the cancellation, be sure to inquire about any potential cancellation fees or penalties associated with your specific policy. Some policies may have surrender charges or policy termination fees. By understanding these fees, you can make an informed decision and evaluate the financial implications of cancelling your policy.
Explore Alternatives
If you're unsure about cancelling your policy, consider exploring alternatives. For instance, you could sell your life insurance policy through a life settlement, receiving a lump sum payment. Alternatively, you may opt to switch to a different type of life insurance policy that better suits your changing needs.
Remember, it is essential to carefully review your policy and consider your circumstances before cancelling Freedom Life Insurance. By following these steps, you can effectively cancel your policy without incurring any penalties.
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Cancelling a Privately Purchased Plan
If you're cancelling a privately purchased health insurance plan, you can call your insurance company directly. The phone number should be printed on your policy, health insurance card, and premium bills. Your insurer may allow you to cancel over the phone, but they may also require that you fax or mail them a confirmation letter. It's a good idea to line up your next health insurance policy before cancelling your existing one, so you never have a gap in coverage.
If you are cancelling a Freedom Life Insurance policy, the process is relatively simple. Freedom Life only offers term coverage, so you can cancel at any time by just stopping payments. However, be aware that Freedom Life Insurance has a largely negative reception on user review sites, and some customers have reported difficulties when trying to cancel their policies.
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Cancelling an Employer-Provided Plan
Cancelling an employer-provided health insurance plan is a relatively straightforward process, but there are a few things to keep in mind. Firstly, it's important to understand that employer-sponsored health insurance is optional, and you can choose to deny or waive this benefit and seek alternative insurance. This might be a preferable option if the employer's plan has high premiums and out-of-pocket expenses, or if your preferred providers are out of network.
If you decide to cancel your employer-provided health insurance, the first step is to consult your HR department or the person in charge of benefits at your company. They will be able to guide you through the process and provide you with the necessary forms or direct you to an online portal to request the cancellation. It is also important to review your policy, as some employer-sponsored health plans only allow changes during the annual open enrollment period, unless there is a qualifying life event such as marriage, the birth of a child, or loss of other coverage.
To initiate the cancellation, you will need to complete the necessary paperwork, which may involve submitting a confirmation letter or making a request through an online account or portal. After submitting your request, be sure to follow up and confirm that it has been received and processed, and verify the date your health insurance plan will end. Keep in mind that you may need to provide advance notice to cancel your coverage.
Additionally, it is recommended to have alternative coverage in place before cancelling your current plan to avoid potential gaps in insurance and any associated fines. This could be through a spouse's or domestic partner's plan, a marketplace plan, or Medicare, depending on your eligibility.
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Cancelling Without a Replacement Policy
Cancelling Freedom Life Insurance can be done by simply stopping payments. However, it is recommended that you contact your insurance agent or Freedom Life directly to end your policy.
If you are cancelling a privately purchased plan, you can call your insurance company directly. Their phone number should be printed on your policy, health insurance card, and premium bills. Your insurance company may allow you to cancel over the phone, or they may require that you fax or mail them a confirmation letter.
It is important to note that if you are cancelling without a replacement policy in place, you may be open to a fine. If you are outside of Open Enrollment, you can only purchase a new health insurance policy if you qualify for a Special Enrollment Period. Therefore, it is recommended that you line up your next health insurance policy before cancelling your existing one, to avoid a gap in coverage.
If you cancel your ACA marketplace plan, you will not be allowed to re-apply until the next annual Open Enrollment Period, unless you qualify for a Special Enrollment Period. Voluntarily dropping your coverage does not count as a "qualifying life event". You will also lose access to free preventative care, such as diabetes screening, vaccines, and cancer screenings.
While there is no federal penalty for not having health insurance, you may still face a fine depending on your state of residence.
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Frequently asked questions
Cancelling your Freedom Life Insurance policy can be as simple as calling your insurance agent directly and asking them to cancel your policy. Alternatively, you can just stop paying your premiums, as your insurance is only in effect when you are paying during your term.
If you cancel your Freedom Life Insurance policy, you will no longer have access to insurance benefits or reimbursement for out-of-pocket healthcare expenses. You may also not be able to re-enroll in your employer's plan or replace your Affordable Care Act (ACA) plan until the next enrollment period.
While you can usually cancel your health insurance without a penalty, you may face a tax penalty if you reside in a state that has its own coverage mandate. Additionally, if you cancel your ACA marketplace plan, you will not be allowed to re-apply until the next annual Open Enrollment Period unless you qualify for a Special Enrollment Period.
