Call and request termination. They should be able to tell you over the phone how much notice is required and whether or not they need a cancellation request in writing. Follow the instructions of the customer service rep, as different companies may have different policies.
You definitely want to request to cancel, rather than having it cancel for non-payment. That way you get any refund to which you are entitled, and it won't ding your credit.
99% of the time you can just stop paying. Just make sure you have something else in place first unless you want to tempt Murphy's laws....
If you're being billed automatically call the insurance company. It does not necessarily have to be put in writing. Most companies actually don't require that. AND, if you just send them a note there's no saying that it's going to the right place. I have people (not my clients) fax letters to my office all the time requesting to cancel policies. Some of them don't have the sense to even put a return phone number, so I can't even call them to let them know.
As long as it's not through your employer, you can cancel it whenever you want. You have to put it in writing, and tell them the date you want to cancel it.
If it's through your employer, you can only cancel it during open enrollment.
You can write and just say "I wish to immediately cancel my policy. Please refund the pro-rata amount effective upon receipt of this letter." They probably won't give you back squat, but at least you'll be out of the policy.
If it's a group policy, you probably won't be able to drop it until open enrollment. Unless it's specified in the plan document, you could be stuck until then.
Comments
Call and request termination. They should be able to tell you over the phone how much notice is required and whether or not they need a cancellation request in writing. Follow the instructions of the customer service rep, as different companies may have different policies.
You definitely want to request to cancel, rather than having it cancel for non-payment. That way you get any refund to which you are entitled, and it won't ding your credit.
99% of the time you can just stop paying. Just make sure you have something else in place first unless you want to tempt Murphy's laws....
If you're being billed automatically call the insurance company. It does not necessarily have to be put in writing. Most companies actually don't require that. AND, if you just send them a note there's no saying that it's going to the right place. I have people (not my clients) fax letters to my office all the time requesting to cancel policies. Some of them don't have the sense to even put a return phone number, so I can't even call them to let them know.
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RE :How do I terminate my insurance?
I wanted to cancel my health insurance ....do I need a 1month notice or something, or can I just cancel it anytime??
Follow 9 answers
As long as it's not through your employer, you can cancel it whenever you want. You have to put it in writing, and tell them the date you want to cancel it.
If it's through your employer, you can only cancel it during open enrollment.
If its an individual policy that you purchase and pay for yourself, you can cancel whenever you want - just put it in writing.
If it is a group policy through your employer, you have to wait until open enrollment. (Unless you have a Qualifying Event.)
I would recommend you to visit this site where you can compare rates from different companies: http://cheap-insure.info/index.html?src=5YAcVAsgY9...
RE :How do I terminate my insurance?
I wanted to cancel my health insurance ....do I need a 1month notice or something, or can I just cancel it anytime??
Follow 10 answers
You can write and just say "I wish to immediately cancel my policy. Please refund the pro-rata amount effective upon receipt of this letter." They probably won't give you back squat, but at least you'll be out of the policy.
If it's a group policy, you probably won't be able to drop it until open enrollment. Unless it's specified in the plan document, you could be stuck until then.
You should be able to cancel it at any time and get a prorated refund for the portion you didn't use.
dont pay the bill it will cancel just fine !