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

If you're looking to cancel your FWD life insurance, there are a few things you should know. Firstly, it's important to distinguish between general insurance policies and life insurance policies. For general insurance policies, you can simply ignore the renewal email if you don't wish to renew. However, for life insurance policies, you'll need to log in to your FWD Online Services account to submit a cancellation request, and a sales officer will get in touch with you. It's worth noting that you won't be refunded if you choose to cancel your FWD DIRECT – Term Life insurance policy. While specific cancellation processes may vary by provider, life insurance policies can generally be cancelled by letting the policy lapse or surrendering the policy.

Cancelling FWD Term Life Insurance

• Evaluate your reasons for cancellation: Before initiating the cancellation process, take some time to consider your reasons for wanting to cancel. Ask yourself if life insurance coverage is still important to you and your beneficiaries.
• Contact FWD Insurance: If you decide that you no longer need life insurance coverage, get in touch with FWD Insurance. You can do this by logging into your FWD Online Services account and submitting a cancellation request. A sales officer will then contact you to discuss the next steps.
• Understand the refund policy: According to FWD Insurance's website, if you cancel your FWD DIRECT – Term Life insurance policy, you will not receive a refund. However, you will continue to enjoy coverage for the rest of the term for which you have paid the premium.
• Complete any necessary forms: Depending on your policy and location, you may need to fill out a cancellation form or surrender form. Make sure to provide any supporting documentation that is required.
• Explore alternatives: Before making a final decision, consider if there are any alternatives to cancelling your policy. You could look into reducing your life insurance coverage, changing your investment strategy, or shopping around for a new life insurance policy with more competitive rates.
• Understand the implications: Keep in mind that cancelling your life insurance policy may result in a loss of coverage for your beneficiaries. Carefully consider their needs and your overall estate plan before proceeding with the cancellation.

Remember to review the terms and conditions of your specific policy, as well as any applicable laws in your region, to ensure you understand your rights and obligations when cancelling your FWD Term Life Insurance.

Cancelling FWD Travel Insurance

Travel Single Trip Policy

If you cancel your Travel Single trip policy before the coverage start date, you will be refunded 100% of your premium. However, if you cancel after the coverage has started, you will not receive a refund.

Travel Annual Trip Policy

For the Travel Annual trip policy, you can cancel at any time and receive a refund for the complete months remaining on your policy. However, you will not be refunded if the amount is less than S$25, or if a claim has been made during the insurance period.

Term Life Insurance

For Term Life Insurance, there is no refund for cancellation mid-term. However, you will continue to enjoy coverage for the rest of the term for which you have paid the premium.

Other Policies

FWD offers refunds for various other insurance policies, including Car, Motorcycle, Personal Accident, and International Health insurance. The refund amount and conditions vary depending on the type of policy and when it is cancelled. It is recommended to refer to the specific terms and conditions of your policy for detailed information.

Cancelling FWD Car Insurance

If you have an FWD car insurance policy and wish to cancel, there are a few things you should know. Firstly, check the terms and conditions of your policy to understand the specific cancellation process and any associated fees or penalties.

In general, if you cancel your FWD car insurance before the coverage start date, you will receive a refund of your premium, less an administrative charge of S$50 + GST. If you cancel after the coverage start date, you will be refunded 80% of the pro-rated premium (including GST) for the unexpired period, provided that no benefits are payable under your policy and the refund amount is S$25 + GST or more.

It's important to note that if you cancel within three months of the coverage start date, you may be eligible for a full refund of your premium. However, if you cancel after this period, the refund amount will depend on the number of months remaining on your policy. For example, for a 14-month policy, you will receive a 40% refund if you cancel between 4 and 6 months, and 0% if you cancel after 6 months.

Additionally, if you have made any claims during the period of insurance, you may not be eligible for a refund at all.

To initiate the cancellation process, you can contact FWD customer support or your insurance broker, who will guide you through the necessary steps. It's important to have your policy details on hand when you make the call. Remember that cancelling your car insurance may result in a lapse of coverage, so it's advisable to have alternative coverage in place before cancelling your FWD policy.

Cancelling FWD Motorcycle Insurance

If you are looking to cancel your FWD Motorcycle Insurance, there are a few things you should know. Firstly, it is important to understand the different types of motorcycle insurance plans offered by FWD, as this may impact the process of cancellation and any refunds you may be eligible for.

Types of FWD Motorcycle Insurance Plans

FWD offers three main types of motorcycle insurance plans: Comprehensive, Third Party Fire and Theft, and Third Party Only. Each of these plans offers different levels of coverage, and it is important to understand which plan you have before initiating the cancellation process.

Cancelling Your Policy

To cancel your FWD Motorcycle Insurance policy, you will need to contact FWD directly. You can do this by reaching out to their customer service team through their website or by calling their customer service hotline. It is important to have your policy number and other relevant information ready when you initiate the cancellation process.

Refunds

The refund amount you will receive upon cancelling your FWD Motorcycle Insurance policy will depend on the type of plan you have and the timing of your cancellation. If you cancel your policy after the coverage start date, you may be eligible for a refund of 80% of the pro-rated premium, including GST, for the unexpired period, provided that no benefits have been claimed under your policy. If you cancel your policy before the coverage start date, you will receive a full refund minus an administrative charge of S$25 + GST. It's important to note that if you cancel within three months of the coverage start date, you will receive a full refund, but after this period, the refund amount will depend on the number of months remaining on your policy.

Other Considerations

When cancelling your FWD Motorcycle Insurance, it is important to consider your alternative insurance options, especially if you still require coverage for your motorcycle. Additionally, if you have made any claims or intend to make any claims under your policy, this may impact your refund eligibility. Finally, if you have any complaints or disputes regarding the cancellation process or your refund amount, you can reach out to FWD's customer service team to discuss your concerns.

Cancelling FWD Personal Accident Insurance

Initiating the Cancellation

To begin the cancellation process, you can reach out to FWD's customer support team through their various contact channels. You can find their contact information on their official website or your policy documents. It is recommended to contact them via phone or live chat for a quicker response. When you get in touch, provide your policy details, including your policy number, and express your intention to cancel.

Refund Calculation

The amount of refund you will receive depends on several factors, including the type of insurance, the timing of your cancellation, and whether any claims have been made. For Personal Accident Insurance, if you cancel within the free-look period (14 days from the policy issuance), you are entitled to a full refund of your premium. However, if you cancel after this period, your refund will be calculated based on the complete months remaining on your policy, excluding any GST. The refund amount will be 95% of the pro-rated premium for the unexpired period.

Important Considerations

• Minimum Refund Threshold: Please note that you will not receive a refund if the calculated amount is less than S$25.
• Claims Made: If any claims have been made during the period of insurance, you will not be eligible for a refund.
• Timing of Cancellation: The timing of your cancellation significantly impacts your refund amount. Cancelling early in the policy term will generally result in a higher refund compared to cancelling later.
• Alternative Payment Methods: If you have cancelled the credit card you used to purchase the policy, you can inquire about alternative refund methods, such as a cheque or a transfer to another card.

Finalizing the Cancellation

After initiating the cancellation process and understanding the refund calculations and considerations, you can finalize the cancellation by confirming your request with the customer support team. They will guide you through any additional steps or documentation required to complete the cancellation. Remember to carefully review the terms and conditions of your policy and clarify any concerns before finalizing the cancellation.

Frequently asked questions