All I can tell you is what I did (my spouse was not insurable due to pre-existing conditions).
I got a 30 year term life policy with a medical exam in 2000 with a premium of about $75/year per $100K insured. A few years later I was diagnosed with a medical condition that would have made the insurance much more expensive. I canceled it after 23 years when it was no longer needed due to other income and assets, and my self-assessed likelihood of living another seven years was very high. I called the insurer, John Hancock, to let them know I'd be dropping and they just said no need to notify us, all you have to do is not pay it. They sent one warning notice of non-payment. Never heard from them again and never any attempt at an upsell. I think they were quite content to take my premiums for 23 years and let me drop off their rolls. Spouse and I are both alive and expect to live decades longer.
I got a 30 year term life policy with a medical exam in 2000 with a premium of about $75/year per $100K insured. A few years later I was diagnosed with a medical condition that would have made the insurance much more expensive. I canceled it after 23 years when it was no longer needed due to other income and assets, and my self-assessed likelihood of living another seven years was very high. I called the insurer, John Hancock, to let them know I'd be dropping and they just said no need to notify us, all you have to do is not pay it. They sent one warning notice of non-payment. Never heard from them again and never any attempt at an upsell. I think they were quite content to take my premiums for 23 years and let me drop off their rolls. Spouse and I are both alive and expect to live decades longer.
Statistics: Posted by stan1 — Tue Jan 21, 2025 4:00 pm