Purchasing an insurance policy doesn’t mean that you need to continue it for a lifetime. You may cancel a policy if some other company is offering the required coverage at a comparatively lower rate or if you feel that you don’t require the coverage any more. Regardless of the reason for cancellation, you need to send an insurance cancellation letter to your insurance company to cancel the specific policy.
Purpose of an insurance calculation letter
By sending an ‘Insurance Cancellation Letter‘, you notify your insurer that you no longer wish to receive the coverage and you also ask the insurance company to cancel the policy from a particular date.
What information to include in the letter
You need to include the following information in your insurance cancellation letter.
- Personal information
Your name as mentioned in the policy
Your complete residential address (may need to mention company address in case of a business insurance)
Your phone number
The policy number (of the insurance policy) that you want to cancel
Name and address of the insurance company
The date on which you want to stop insurance coverage
- Additional information
You may also include some additional information that is given below.
Why you want to cancel your insurance policy (you may mention the reason if some other company is offering the same coverage at a reduced premium rate)
Effective dates of your insurance policy
If required, you can browse through internet to view sample insurance cancellation letters so that you can get an idea regarding how to write the letter.
Tips to write an insurance cancellation letter
Here are some tips to write an insurance cancellation letter.
- Maintain clarity – Like any other business letter, you should write a cancellation letter in simple language such that a person without any specialized background can understand what you’re trying to say. You should avoid technical jargon as much as possible.
- Write to the point – Just a few lines is sufficient to convey that you want to cancel your policy. However, you should communicate the message clearly along with providing the company with necessary details of your policy.
- Be courteous – Be polite in your approach even if you’re canceling a policy because of its high premium rate.
It is advisable that you proofread your insurance cancellation letter before sending it to your insurer. You can either write or print your letter but never forget to put a handwritten signature before sending the cancellation letter to the insurance company. Above all, always send your letter by registered mail with a return receipt request so that you have a proof, which you can produce later if required.
