Cancel Your Banner Life Insurance Policy Online or By Phone

If you cancel your Banner life insurance policy, you won't be refunded unless you're within 30 days of the original purchase date. Canceling a Banner life insurance policy is relatively quick by phone or letter. You'll need basic policy details provided on a surrender form to cancel your Banner Life policy.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 14, 2021

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Quick Facts

  • Canceling Banner life insurance policies can be done via phone or postal mail
  • Banner life insurance policies are only refundable within 30 days of the original purchase date
  • If you decide to convert or change your policy instead of cancel, you may have to undergo the underwriting process again

Despite being a company with affordable term life insurance quotes, there may still be circumstances when you need to cancel your Banner life insurance policy.

Canceling life insurance policies might seem a bit confusing. We’ll help by covering Banner’s cancellation policy, how to cancel a life insurance policy, and how to contact Banner Life insurance customer service.

Getting ready to cancel your Banner life insurance policy because your rates are too high? Start comparing rates from top life insurance providers using our free quote tool above.

How do I cancel my Banner life insurance policy?

Banner, also called Banner Life, is a unique company that often operates under Legal and General America life insurance. Our Banner Life Insurance Review covers that in more detail.

Despite Banner Life being somewhat of a subsidiary of Legal and General, the cancellation policies will be about the same. With most insurers, you’ll have a few options to cancel your coverage.

  • Online
  • By Phone
  • Mail

To cancel your Banner life insurance policy you’ll need to contact the company by phone or mail and you’ll have to fill out a surrender form that can be found online. If you’re looking to cancel quickly, you’ll want to provide:

  • A copy of the policy
  • Your Social Security number
  • Income tax preferences
  • Signature(s)

Unfortunately, you won’t be able to cancel your Banner life insurance policy online. Banner Life initiates and completes cancellations by phone or post only, according to its website.

If you contact Banner Life by phone, you should be able to get the process started and have any additional questions answered before you start sending in the surrender form and associated documents.

Can I change or convert my Banner life insurance policy?

There are a few instances when you might want to change your life insurance policy rather than canceling it entirely. These include promotions at work, divorces, family deaths, and more.

In any case, you might consider converting term to permanent life insurance or restructuring your policy if you’re looking to cut down on monthly costs. Converting your life insurance policy is usually an easy process.

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Even so, converting from term to permanent life insurance usually raises your monthly expenses whereas a policy change in coverage or term length could reduce your monthly rate.

If you haven’t experienced any major health changes, you may have to undergo the medical evaluation and underwriting process again if you decide to change your policy coverage details.

What happens if you cancel your Banner life insurance policy?

Canceling a life insurance policy isn’t usually a big ordeal. You might lose some peace of mind by canceling your policy, but overall, there are few forthcoming changes in the result.

Unfortunately, unless you’re within 30 days of the date you purchased your policy, you won’t earn a refund for your life insurance policy.

In some cases, you might even lose some of your cash value on permanent life insurance policies, according to the Insurance Information Institute. You’ll want to check into this before canceling your Banner Life policy.

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Cancel Your Banner Life Insurance Policy: The Bottom Line

With many life changes, there might come a time when canceling a life insurance policy feels necessary. Banner makes it easy by requiring just a couple of steps with basic policy information.

Don’t cancel your Banner life insurance policy until you know you can find a better rate. Use our free quote tool below to get personalized rates from top providers in just a few clicks.

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