Letter from Client to Cancel Insurance Policy

There are several insurance companies that are providing different kinds of insurance policies including life insurance, car insurance, property insurance, etc. All insurance companies have their own rules and regulations. Once a person chooses an insurance policy, he is bound to keep himself within the rules.

Though everyone chooses to take an insurance policy with his own choice, people sometimes want to cancel their insurance policy due to different circumstances. There could be many reasons. A company with better services might have been found, the money to submit for insurance bills might not have been sufficient or a person might be considering insurance a burden.

In all such cases, one has a choice to cancel his insurance at any time. For this purpose, a letter to the insurance company is written to request the cancellation of the policy.

1-

Please allow this letter to represent my formal demand to cancel our insurance policy with your company. I availed myself of your premium insurance policy plan and was using it since January 20XX.

As of recent, my company has suffered massive financial loss due to the pandemic. The revenue has been at an all-time low and unfortunately, I am unable to continue with this insurance policy plan. The reason is none other than that my company can simply not afford it any longer.

I have been struggling to pay the premium on your policies and unfortunately must cancel our plan with you with immediate effect. I regret to have to make this decision, but I have to look for an alternate plan which my company can afford.

Please know that I do not give permission for any of the two insurance plans I was availing previously to take money from my corporate account. Any amount taken after 22^nd December shall not be with my permission and your company will be liable to pay it back.

In addition, I would also like to request to please pay back the unused premium of my policy which amounts to 1000 USD. I would like to have your representative explain to me the legalities of withdrawing from the insurance policy midway. Thank you so much for your cooperation. Looking forward to hearing from you.

Regards,

Ms. Annabelle Cortez.

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Dear Mr. Selinez Johnson,

I am writing to inform you that I have decided to withdraw from my insurance plan with effect from 27^th January 20XX. My policy number was 9372788372 and I was put in effect from 1^st January 20XX. I had to make this decision because I found another insurance company that provides the same service as your company but with a lower cover.

I appreciate your service and have been paying my premium regularly for the past two years that I have availed of your services. However, with your ever-rising premium, it has become increasingly difficult for me to pay the amount every month as the pandemic has affected our finances severely.

I have already read the terms and conditions on your website regarding the cancellation of the insurance policy. It was stated that I can cancel with prior notice of one month and will be paid back the unused portion of my premium.

Keeping in mind your company policies, I am contacting you one month prior to the cancellation to avoid being fined. Please process my request as soon as possible so that payment is not deducted from my account for the month of January.

In addition, I would really appreciate it if you could please send me the official confirmation of the cancellation of my insurance policy within two weeks of receipt of this letter. Also please let me know how I can get the refund on my premium which is unused. Please notify me if you need any more information regarding the cancellation of this policy. Thank you for your cooperation.

Regards,

Mr. Jonathan Holmes.

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Dear [Recipient’s Name],

I am writing this letter to you regarding my insurance. I took an insurance policy from your company on [enter date]. My policy no. is [enter no.]. I am now requesting you cancel my insurance. It will be encouraging if you please send me the written confirmation once my insurance is canceled.

I know that it will take time though I will certainly appreciate it if the action is taken promptly. Many thanks!