How To Cancel Your Banner Life Insurance Policy [2023]

Sometimes canceling your life insurance policy can be a pain. Companies don’t always make the process easy, so many readers may feel confused or helpless.

Don’t fret — we’re here to help you figure out exactly how to cancel your Banner life insurance policy. This article will cover some important basics, such as Banner’s cancellation policy and contact information.

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

How to Cancel Your Banner Life Insurance Policy

Luckily, Banner Life comes with many easy and accessible options for customers to cancel their policy. Banner Life is a subsidiary of Legal & General but still has the same cancellation policies. Your options to cancel coverage are as follows:

• Online 
• Phone
• Mail

Before you do that, you should know a few things when canceling your policy. For starters, you’ll need to fill out a surrender form and provide the necessary documentation, such as: 

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

You can request cancellation of your life insurance policy online by filling out the online surrender form. If you need help, you should cancel by phone.

Banner should be able to fill you in on all of the information you need for the process if you contact them via phone. It’s best to call them before you send any documents or forms.

You can call Banner via their toll-free number at 800-638-8428 or send a fax to 301-294-6960. Their email address is [email protected]

Banner’s hours run from Monday to Friday, 8:00 a.m. – 5:00 p.m. EDT.

Your life insurance quotes are always free.

 Secured with SHA-256 Encryption

Summary of Banner’s Life Insurance Policy

Banner Life, better known as Banner, is a life insurance company that primarily operates under Legal & General America Life Insurance Company. You can check out our Banner Life Insurance review for a more in-depth overview of their operation. 

When it comes to cancellation policies, some life insurance companies use what is known as a free look period. A free look period is a 30-day period wherein a policyholder can cancel their insurance without penalty, and Banner Life offers it in most states.

So what happens if you cancel past the free look period? Depending on the company, you’ll probably face a few penalties, depending on your policy and state. Read any policy terms and conditions before deciding.

What if you want to change or convert a Banner life insurance policy instead?

If you would rather change your life insurance policy than cancel it, options are available. Many people have various reasons for changing their policy, such as divorce, family death, or work promotions.

You might be interested in converting your term policy to permanent life insurance when the term ends, which comes with its own rules and conditions. Converting a policy is usually easy and can affect your monthly rates.

Take any major health changes into consideration by undergoing a medical evaluation and underwriting process before changing any policy coverage.

The Potential Drawbacks of Canceling Your Banner Life Insurance Policy

Banner Life has a 30-day grace period where you can cancel without penalty, but you may be subject to penalties after that. According to the Insurance Information Institute, you could lose cash value on permanent life insurance policies.

You also will not receive a refund unless you cancel within 30 days of the policy purchase.

Your life insurance quotes are always free.

 Secured with SHA-256 Encryption

Canceling Your Banner Life Insurance Policy: The Bottom Line

Regardless of your reason for canceling a life insurance policy, it’s relatively easy to cancel yours with Banner after a couple of steps. With our guide, you should be able to square the process away effortlessly.

Don’t cancel your Banner life insurance policy until you know you can find a better rate with the coverage you need.

Use our free quote tool below to get personalized rates from top providers in just a few clicks.

Your life insurance quotes are always free.

 Secured with SHA-256 Encryption