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

If you're looking to cancel your Foresters Life Insurance policy, you're in the right place. In this article, we will take you through the process step by step. Foresters Life Insurance is a well-known insurance provider that has been offering coverage to customers for over 140 years. While their services are valuable, you may find yourself in a position where you need to cancel your policy. This could be due to a variety of reasons, such as changes in your financial situation, finding more affordable options, or simply not needing the coverage anymore. Whatever your reason may be, it's important to carefully evaluate your circumstances and make an informed decision.

Cancelling by phone or mail

To cancel your Foresters Financial life insurance policy by phone, call Foresters Life Insurance customer service at 1-800-828-1540. Explain that you wish to cancel your life insurance and provide your personal details and policy number. Ask for written confirmation of your cancellation and follow up to check if your cancellation is complete and if you are due a refund.

Alternatively, you can cancel your Foresters Financial life insurance policy by mail. First, download the Foresters Financial insurance surrender request form from the Foresters Financial website. Next, fill out the form and send it to the following address, along with a signed letter:

Foresters Financial

P.O. BOX 179

Buffalo, NY 14201

If you need to send it faster, you can use express mail to the following address:

Foresters Financial

2221 Kenmore Avenue, Suite 108

Buffalo, NY 14207-1306

Please note that it may take a few weeks for your cancellation to be processed. Also, keep in mind that you may be charged fees for cancelling your Foresters Financial life insurance policy, depending on the type of policy you have and your location.

Surrender form

To cancel your Foresters Financial life insurance, you must complete the Surrender Form and return it to the attention of Policy Administration. You can find the Surrender Form on the Foresters website under the "Customer care" and "Forms" sections.

Step 1: Contact Foresters Financial

Call Foresters Financial at (800) 828-1540 to inform them that you want to cancel your policy.

Step 2: Visit the Foresters Financial website

Go to the Foresters Financial website and navigate to the "Customer care" section. From there, click on "Life insurance", then click on "Forms".

Step 3: Download and complete the Surrender Form

Scroll down the "Forms" page until you see "Certificate surrender request form". Download and print this form, then fill it out with your information.

Step 4: Submit the form

Send the completed Surrender Form, along with a signed letter, to Foresters Life Insurance customer service. You can mail it to the following address:

> Foresters Financial

> P.O. BOX 179

> Buffalo, NY 14201

If you need to send the documents urgently, you can use express mail to the following address:

> 2221 Kenmore Avenue, Suite 108

> Buffalo, NY 14207-1306

Please note that the cancellation process may take a few weeks to be finalised.

Additional Information:

It is important to be aware of any potential fees or penalties for cancelling your Foresters Financial life insurance policy. There may be surrender fees involved, depending on the type of policy you have and the state you live in. Foresters Financial offers term and permanent life insurance options, and the fees and processes for cancellation differ between these.

If you have recently purchased your Foresters Financial life insurance, you may be within the "free-look period", during which you can cancel your policy without penalty. This period typically lasts up to 30 days, but you will need to check the terms and conditions of your specific policy to confirm the length of this period for your policy. If you have paid any premiums during the free-look period, you may be eligible for a refund.

Reasons for cancelling

Cancelling a life insurance policy is a significant financial decision that should not be taken lightly. Here are some detailed reasons why someone might choose to cancel their Foresters life insurance:

High Costs and Better Alternatives

The Foresters Financial Life Insurance policy may be too expensive for some individuals, leading them to seek out cheaper alternatives. In such cases, it is advisable to compare quotes from different companies and find a policy that better suits your budget.

Insufficient or Excessive Coverage

Over time, your financial situation and needs may change. You may realize that your current Foresters policy doesn't provide adequate coverage, especially if your income has increased or you have taken on more financial responsibilities. On the other hand, you might find that you have excessive coverage and are paying for more insurance than you need. In either case, adjusting your coverage by switching policies or providers may be a prudent decision.

Change in Residence

Foresters Financial may not service your new state if you move, leaving you with no choice but to cancel your current policy and find an alternative provider that is licensed to operate in your new location.

Inability to Pay Premiums

Life insurance premiums can become a financial burden, especially if your financial situation changes due to circumstances like a career shift, divorce, or increasing living expenses. If you can no longer afford the monthly payments, cancelling your policy may be a necessary step to alleviate that strain.

Change in Health Condition

Changes in your health condition, especially a deterioration in health, can impact your eligibility for affordable coverage. If your health has worsened and you no longer qualify for reasonable rates, cancelling your current policy and exploring other options may be a reasonable decision.

End of Term Life Insurance Policy

Term life insurance policies have an expiration date. If your Foresters term life insurance policy is nearing its end, you may choose to cancel it and either renew with Foresters or switch to another provider, depending on your needs and circumstances.

Remember, when considering cancellation, it is important to review the terms and conditions of your Foresters policy, including any applicable fees and the specified cancellation process.

Cancelling term and permanent life insurance

Cancelling your life insurance policy is a big decision and there are several factors to consider, especially if you have dependents. While you can cancel your life insurance at any time, the process for doing so will depend on whether you have a term or permanent life insurance policy. Here is a step-by-step guide to cancelling your term or permanent life insurance.

Cancelling Term Life Insurance

Term life insurance provides coverage for a specified period, such as 10, 20 or 30 years. If you decide to cancel your term life insurance, you can do so by:

• Stopping your premium payments.
• Waiting until the term ends and allowing the policy to expire.
• Contacting your insurance company by phone or mail to inform them of your intent to cancel.

However, it is important to note that cancelling your term policy means you won't get any refund and your beneficiaries will lose their death benefit.

Cancelling Permanent Life Insurance

Permanent life insurance policies, such as whole life or universal life, are designed to provide lifelong coverage and typically include a cash value component. Cancelling or "surrendering" these policies can be more complex due to the additional elements involved.

To cancel a permanent life insurance policy, you will need to:

• Contact your insurance company to inform them of your intent to cancel.
• Find out the cash value of your policy and any surrender fees that may apply.
• Complete any necessary forms and provide supporting documentation.
• Submit the forms and wait to hear back from the insurance company.

When cancelling a permanent life insurance policy, you may receive a payout from the cash value, but this will be reduced by any outstanding loans and surrender charges, especially if you haven't held the policy for long.

Factors to Consider Before Cancelling

Before cancelling your life insurance policy, it is important to consider the financial impact on your dependents, as they will no longer receive a death benefit when you die. Additionally, unless you are cancelling during the free-look period, you will not receive a refund of your premiums.

If you are thinking of cancelling your life insurance policy, consider the following alternatives:

• Lowering your coverage amount: If you are struggling to afford your premiums, you may be able to reduce your coverage amount while still maintaining some level of protection.
• Using your cash value to cover premiums: If you have a permanent policy, you can use the accumulated cash value to cover your premium payments.
• Retaking your medical exam: If your health has improved since your last medical exam, you may qualify for lower premiums.
• Selling your policy: You can sell your life insurance policy through a viatical settlement or a life insurance settlement, depending on your health and financial situation.

Contacting Foresters Life Insurance

Foresters Life Insurance can be contacted in several ways. The company recommends emailing them as the quickest way to get in touch. Their email address is [email protected]. Alternatively, you can call them at 800-828-1540. Their hours of operation are 9 a.m. to 6 p.m. ET, Monday to Friday. Please note that they are currently experiencing heavy call volumes and long wait times.

If you wish to contact them by mail, their address for regular mail is:

Foresters Financial

PO Box 179

Buffalo, NY 14201

For overnight mail, use the following address:

Foresters Financial

2221 Kenmore Ave Suite 108

Buffalo NY 14207-1306

You can also connect with a Foresters agent by referring to your original contract for their contact information. If this information is not available, you can contact Foresters' Service Center at 1-800-828-1540.

Cancelling Your Foresters Life Insurance Policy

To cancel your Foresters Life Insurance policy, you will need to download and print the Foresters Financial insurance surrender request form from their website. This form can be found under the "Forms" tab on the "Customer Care" page. Fill out the form and send it to the Foresters Life Insurance customer service address, along with a signed letter.

Please note that Foresters Financial does not allow policy cancellation by phone or online. The cancellation process must be done through mail. Additionally, there may be fees associated with cancelling your policy, depending on the type of policy you have and your state of residence.

Frequently asked questions