Generally, it is seen that people buy an insurance policy from the insurance company to keep them safe from any unfortunate incident. In fact, an insurance policy is a kind of legal document in which the insurance policyholder has to pay an amount to the insurance company after every month or a specific period of time which is called as premium amount. As long as the insurance policyholder pays the premium amount the insurance policy remains alive. But there may be a situation when it may not become possible for the insurance policyholder to pay the premium amount or he does not want to continue to pay the premium amount for any reason. In such a condition when a person does not want to continue his premium for the insurance policy that he had taken from an insurance service provider, he needs to write an insurance cancellation letter.
An insurance cancellation letter is a kind of business letter and hence it should be written in a formal manner. But everybody cannot write an appropriate insurance cancellation letter. That is the reason why we have come up with formal insurance cancellation letter template, format and samples so that it becomes easier for you to understand how to draft it at the time of canceling the insurance policy.
Template for an insurance cancellation letter
The following is the standard insurance cancellation letter format and template that you should use whenever you need to write an insurance cancellation letter for canceling your insurance policy:
Tips and examples of how to write an effective insurance cancellation policy
The following are some essential tips and examples for standard insurance cancellation Letter:
• Before you write the insurance cancellation Letter it is important to go through the policy terms and condition very carefully and check whether it is possible to cancel it or not. Even if it is possible to make sure that it does not incur huge loss to you. Generally, it is seen that the insurance company keeps its terms in such a way that canceling at some point of time cause a huge loss at the end of the insurance policyholder.
• In the first or second paragraph, you have to mention clearly that you would like to discontinue the insurance policy and request them to cancel the existing policy. Many sure that you have mentioned the policy number of your insurance policy. For example, you should write as “I would like to cancel my insurance policy having Policy No. <Policy Number of the Policy Holder>”. Stating policy number will make sure that the insurance company cancels only that policy which you want to cancel.
• If you know the name of the concerned authority it is always better to specify his name in the letter. In such a case, the insurance cancellation Letter will be sent to the concerned person directly. It is important because in such a situation the processing of the cancellation of insurance policy will be done quickly.
• It is also important to state the reason for the cancellation so that the insurance service holder can understand your situation clearly. Generally, for the cancellation of insurance policy, you do not need to pay any kind of cancellation fee still you should check the policy terms and condition. It is also better if you can attach your entire premium to provide that may be required at the time of cancelation of your insurance policy. After that, you must request the insurance policyholder to cancellation of the insurance policy as soon as possible and confirm you by a return mail.
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