hey everyone. Quick question about life insurance cancellation...
I had a whole life insurance policy, got a few years ago, that, after reviewing, we have decided to cancel (we have more savings than the pay-out is worth, and the monthly bill is a drag: basically, I'd rather invest that money than pay 50$/month for a 50k life insurance policy).
My husband and I both got sizeable term policies a year ago, at the birth of our daughter. Term because, realistically, we need to be sure that we can pay for our house and raise our kids, but we do have enough savings that anything after that can be supported by the savings we have... And honestly, 50k wouldn't make a difference at that point.
So. We requested a cancellation of plan #1. Without speaking to an advisor, because we have evaluated our needs and what we're willing to pay for (snark: like grown-ass adults who have control of their own damned finances, kthx). And so I reached out to the dude who sold me the whole life insurance years ago (and which has a cancellation policy, so I CAN cancel it), and filled out the paperwork he requested to cancel it and get back the current value of the plan. Up until that point, pretty much what I expected, right.
And now the dude is demanding paperwork filled out by "our new advisor" (aka: I'm assuming the guy who helped us with the term life insurance, who we haven't spoken to in a year, who didn't push this decision...) to "support the decision for this cancellation".
Anyone who has experience with life insurance: wtf? Is this standard?? Is this something he can actually demand before paying out the plan value, or is he just jerking us around?
'Cause I don't think my family's financial decisions need support from a third party. Also, F that. (Like, I can get the guy we worked with to fill out papers if actually needed, but I'm steaming at the thought that it's required.)
*steam*