How to Get Out of Your John Hancock Life Insurance Policy [Right Way]
Learning how to get out of your John Hancock life insurance policy can help you save money and get a better life insurance plan. John Hancock allows you to cancel your life insurance policy in a variety of ways, including the free look period, discontinuing premium payments, and filling out a surrender request form. Getting a refund, on the other hand, is dependent on the type of policy you have.
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UPDATED: Jul 15, 2021
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- Your cancellation options will be determined by the type of life insurance you have – term or whole life
- If you stop paying your term life insurance premiums, your coverage will automatically cease
- If you just purchased your coverage, you may still be in the free look period and can cancel for no cost to you
Life insurance is supposed to help your family avoid financial difficulty. It’s a great form of advanced planning for them, but having the wrong insurance plan could bring numerous problems.
If you are looking to save on life insurance or don’t need it anymore, you shouldn’t cancel your policy without doing some research first.
Your cancellation options are affected by the length of time you’ve held the policy, your age, and the type of insurance you have.
Before learning how to get out of your John Hancock life insurance policy, enter your ZIP code to compare free quotes from top insurance companies in your area.
How can I cancel using the free look period?
John Hancock and other life insurance companies legally must have a free look period. If you recently bought your insurance policy you may take advantage of this requirement.
John Hancock’s free period lasts for 10 days after you buy life insurance. The company will refund your premiums in full if you cancel within that time frame.
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What are my other life insurance cancellation options?
There are two main types of life insurance, term life, and whole life. As they have different costs and benefits the procedure to get out of them differs too.
For whole life insurance, your John Hancock life insurance policy value builds up over the life of the policy. You can fill out a surrender request form and submit it to the company. If you have built up enough equity, you can get cash back.
Term life, on the other hand, has no cash value as such. However, it is easy to cancel: just stop paying your premiums. That way your coverage automatically ends.
You will not get a refund from the John Hancock life insurance company. But, you may be able to sell the policy to an investor under something called a life insurance settlement.
Contact John Hancock Life Insurance Customer Service Online
To manage your policy you can get in touch either by phone or on the company’s website.
Use your John Hancock life insurance login information to manage your account on their website. If it’s your first time logging in you will have to register.
To contact John Hancock by phone, call 1-800-732-5543. Lines are open Monday to Friday, 8 a.m. to 6 p.m. Eastern time.
No matter your reasons for wanting to cancel, you should look into your life insurance choices to see what’s available.
Now that you know how to get out of your John Hancock life insurance policy, enter your ZIP code now and you can get life insurance quotes from top providers near you today.