How to Get Out of Your Liberty Bankers Life Insurance Policy [Right Way]
There is a right way to get out of your Liberty Bankers life insurance policy. You can always cancel a life insurance policy that no longer fits the way it once did. No matter the reason for cancelation, there are different options to choose from depending on your policy. Learn how to get out the right way today.
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UPDATED: Aug 26, 2021
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- You can get out of your Liberty Bankers life insurance policy at any time.
- Cancellation options vary depending on policy age, policy holder’s age, and policy type
- Compare options when coverage or premium costs are too high
- Contact Liberty Bankers Customer Service through your Liberty Bankers Life login for alternative money-saving and coverage-reduction options
- Cashback or borrowing options are available for certain policies
Finding a policy that’s right for you shouldn’t require a lot of time or effort. Resources are available to help you determine whether to get out of your Liberty Bankers life insurance policy or try another policy that serves you better.
There are different policy options across the best life insurance companies. Even so, before moving on, contact Liberty Bankers customer service through your Liberty Bankers Life login for alternative money-saving or coverage reduction options.
If the time is right for you to give up your Liberty Bankers life insurance policy, feel confident you are going about it the right way. Enter your ZIP code in the free tool above to get a quote today.
Can you get out of your Liberty Bankers life insurance policy?
Yes, you can get out of your Liberty Bankers life insurance policy at any time. Cancellation options vary depending on policy age, policy holder’s age, and policy type.
When money is tight, insurance premium payments help cover other necessities once you drop your policy. However, a whole life policy can actually ease financial hardships without cancellation. In other words, you can borrow from your policy.
If you have a term life policy, call Liberty Bankers customer service department at 800-731-4300 for policy cash options. To compare term life and whole life policies, the article Life Insurance 101 compares different policies, related costs, and types of coverage.
Enter your ZIP code below to compare cheap life insurance rates.
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Ways to Get Out of Your Life Insurance Policy
Different policies carry diffent options. If your term or whole life insurance does offer a cashback option, keep in mind any payout after cancelation is always significantly less than the death benefit. Factors that determine how much payout you receive are:
- 1035 Exchange
- A tax-free transfer of policy into a long-term care policy or annuity.
- Whole life policy
- A lump-sum payment of a determined amount of paid premiums.
- Cash value payout (less than death benefit).
- Term life policy
- Very little to no cash payout.
- No reimbursement of paid premiums.
You may have invested years of premiums up to this day. Ultimately, it is for you to decide if taking any lesser amount than you’ve already invested is worth the loss.
If these facts cause you to rethink canceling, it is worth asking, is Liberty Bankers Life a good company? If yes, speak with a knowledgeable representative. They will walk you through cashback, borrowing, cancelation, and policy change options.
What happens after canceling my life insurance policy?
No doubt, when a policy no longer fills a need there once was and doesn’t carry a cash option, it makes no sense to continue paying premiums. So, now is the right time to get out of your life insurance policy.
First and foremost, a life insurance policy doesn’t need to be your only investment option. There are other valuable investment alternatives to help you retire comfortably, such as:
- Roth or traditional IRA plans
- Contribution plans
- 401k plan
- Traditional pensions
- Cash-balance plans.
- Guaranteed income annuities (GIAs)
Invest your money today for a life you want to lead tomorrow. We only live once, so why not live it well?
With all this in mind, if the time is right to get out of your Liberty Bankers life insurance policy, do it the right way. Enter your ZIP code in the free tool below to get a quote today.