Canceling Cocolife Insurance: A Step-By-Step Guide

If you are looking to cancel your life insurance policy with Cocolife, you must first write a formal letter of cancellation. In the letter, make sure to state the amount you are requesting to be sent back to you, as well as the reason for cancellation. You should also inform them that you are aware that the procedure will take 30-45 days.

After writing the letter, submit it to the Cocolife branch where you initially signed up for the policy. Make sure to photocopy all the papers, receipts, and certificates they gave you during the transaction and ensure that the agent will sign them, including the cancellation letter.

Photocopy everything, including the cancellation letter, and follow up with the agent and Cocolife's customer support.

Write a letter of cancellation

Dear [Recipient],

I am writing this letter to request a cancellation of my life insurance policy with Cocolife. I am aware that I have a 15-day cooling-off period, and I would like to take advantage of this opportunity to cancel my policy and request a full refund.

I have decided to cancel my policy because [State your reasons for cancellation. You can refer to the blog post for some examples of reasons]. I kindly request that you process my cancellation as soon as possible and send me a confirmation once it has been completed.

Please find attached a copy of my policy documents, including the receipt for my initial payment. I would appreciate it if you could also provide me with a copy of the signed cancellation letter for my records.

Thank you for your attention to this matter, and I look forward to hearing back from you soon.

Yours sincerely,

[Your Name]

Submit the letter to the Cocolife branch where you did the transaction

To cancel your life insurance policy with Cocolife, you must submit a formal letter of cancellation to the branch where you did the transaction. This letter should include the amount you are asking them to send back to you, the reason for cancellation, and a statement that you are aware that the procedure will take 30-45 days.

Photocopy all the papers, receipts, and certificates they gave you during the transaction and make sure that the agent will sign them, including the cancellation letter.

Cocolife sends the documents to the head office every Friday, so it is better to send your cancellation letter before that day. They will ask you many questions about the cancellation, so be firm with your decision.

Photocopy everything!

Although I didn't need any of those photocopied papers during the whole process, it would not hurt to have the copied documents with you, just in case.

Follow up!

When you submit the letter, the agent will give you the contact number of Cocolife and the contact person for the cancellation procedure. I called them for follow-up once or twice a week. Be aware that the procedure takes a long time, so it's up to you if you want to call every single day and receive the same answers or give them the proper time for the processing. Weird as it may sound, but your own money that was unwillingly debited from you needs an approval to credit it back to you. And, in fact, they have this 1st and 2nd approval, so just be patient.

Once you get the cancellation approval from the main office of Cocolife, you have to go back to the same branch. Just bring a valid ID, and that's it! You can claim your check and have it deposited back to your account.

Note: They use UCPB and they only provide crossed checks, so you cannot cash it out if you are using another bank, but you can cross deposit it directly to your account instead. If they debited you for FSP and GPA, you must receive two (2) bank checks to get the full refund.

Photocopy all the papers, receipts and certificates they gave you during the transaction and make sure that the agent will sign them including the cancellation letter

Photocopying all the papers, receipts, and certificates is a crucial step in the cancellation process. It is important to have a backup of all the documents in case the originals get lost or damaged. Having photocopies of the documents will also allow you to keep track of the cancellation process and ensure that all the necessary documents have been submitted.

When submitting the cancellation letter, it is essential to have the agent sign all the photocopied documents, including the cancellation letter. This will serve as proof that the agent has received and acknowledged the cancellation request. It is also important to keep a copy of the signed cancellation letter for your own records.

Additionally, it is recommended to send the cancellation letter to the head office of Cocolife, as they send the documents to the head office every Friday. Sending the letter before Friday will increase the chances of a quicker response. It is also crucial to be firm in your decision to cancel the policy and not be swayed by any attempts to change your mind.

Overall, photocopying and having the agent sign all the relevant documents is a vital step in the cancellation process to ensure a smooth and successful cancellation of the Cocolife life insurance policy.

Follow up

Follow-up is the key to getting your money back. Here are some tips to make sure you get your money back:

• Call the customer service hotline at least once a week. The processing time for refunds is 30-45 days, but it can be longer if you don't follow up.
• Be firm with your decision to cancel and get a refund. Cocolife agents may try to convince you to keep the policy, but you have the right to cancel within 15 days and get your money back.
• Keep all the necessary documents with you when you go to the branch or head office to submit your cancellation letter. This includes the original policy, receipts, certificates, and other documents they gave you.
• Photocopy all the documents before submitting them, and make sure the agent signs the photocopies to certify that they are true copies. This will serve as proof in case there are any issues later on.
• Don't be intimidated by the agents or their tactics. Stand your ground and be firm with your decision to cancel. You have the right to cancel within 15 days and get a full refund.
• If you used a credit card, you can also file a dispute with your credit card company for unauthorized charges. This can be done in addition to submitting a cancellation letter to Cocolife.

Once you get the cancellation approval from the main office of Cocolife, you have to go back to the same branch. Just bring a valid I.D. and that’s it! You can claim your check and have it deposited back to your account

Once you get the cancellation approval from the main office of Cocolife, you have to go back to the same branch. Just bring a valid I.D. and that's it! You can claim your check and have it deposited back to your account.

Frequently asked questions