How To Easily Cancel New York Life Insurance (2024)

How to cancel New York Life insurance

Several reasons could make you want to cancel your insurance policy with New York Life. However, for whatever reason it could be, it is important to know that canceling a life insurance policy with any insurance provider is a move that should be carefully reconsidered as it could open you to potential risk and losses since you are without coverage.

Notwithstanding, if you have a New York Life insurance policy and would want to cancel it, we are here to help you do that with simple steps. The process is very simple and can be done in the comfort of your home without walking into any office.

The first step to take in canceling your New York life insurance is to formally contact New York Life via phone requesting your policy be canceled, or you can contact them online through their contact us page to cancel your policy.

Let’s now see how you can cancel your policy with New York Life using these two methods.

Related: How to Cancel AAA Insurance (Quick Steps)

How to cancel New York Life insurance via Phone

New York Life is always available and happy to help you with whatever issues you have regarding your policy, claim, or application. They have a phone number where policyholders can easily reach out to them whenever they intend to end their policy.

To cancel your policy with New York Life via phone, quickly reach out to a customer care representative at 1-800-225-5695. You can then follow the voice prompt to get in touch with a representative, where you can request a cancellation of your service.

You can also contact them using their toll alternative number at +1-212-576-6600. Note that this number can only be reached from Monday through Friday (8 a.m. to 7 p.m. ET).

Remember to have your policy number and other important personal information ready. You might be asked the reason for canceling your policy.

Once you have canceled your policy, New York Life will send you a cancellation confirmation. For your records, it is important you keep this confirmation in case you have problems later on.

How to cancel New York Life insurance online

This step is simple as well. All you need to do is quickly visit the New York Life Insurance contact us page online. There you can now log in to your account, make your policies, update beneficiaries, and update any details on your account.

Cancel your New York life insurance policy through an agent

If you had an agent who helped you purchase your insurance policy with New York Life, you can always get in touch with them to help you with the cancellation process. As professionals in the field, they can always provide you with the right steps to take and help you cancel your policy.

Related: How to Easily Cancel Cigna Dental Insurance

Points to consider when canceling your New York Life insurance policy

Before taking the bold step of ending your policy with New York Life, it is important you take these points into consideration:

  • Surrender charges: With New York Life, if you cancel your policy within your first few years of purchase, you will be charged a surrender charge. This is typically done to cover the expenses of selling and maintaining a life insurance policy.
  • Death benefit: If you cancel your policy, your beneficiaries will not receive the death benefit if you die while the policy is canceled.
  • Have an alternative in place: If you’re canceling your New York Life insurance, it is very important you have another provider in place before canceling your coverage to avoid any risk or loss during the period.
  • Notify your beneficiaries: If you have beneficiaries in your New York Life insurance policy, it’s important you notify them of your intention and any changes you might want to make to your policy.

Also read: Allianz Long-Term Care Insurance – This Is What to Know

Conclusion

Canceling your New York Life insurance is very easy, but must be carefully considered before implementing. In addition, make sure a new policy is in place to keep you covered when your current policy expires.

Frequently Asked Questions (FAQs)

Can I cancel my New York Life insurance policy at any time?

Yes, you can cancel your New York Life Insurance Policy at any time.

Are there any penalties or fees for canceling my New York Life insurance policy?

Yes. If you can cancel your policy with New York Life within your first few years of purchase, you will have to pay surrender charges.

What information do I need to provide when submitting the cancellation form?

Information that will be needed from you includes your policy number, personal information, and maybe the reason for canceling the policy.

Can I cancel my New York Life insurance policy online?

Yes, you can do that by visiting the New York Life contact us page online and request a cancellation.

What happens to any premiums I’ve already paid if I cancel my New York Life insurance policy?

If you have paid the full premium before canceling, you could be eligible for a refund. Simply contact New York Life for more inquiries.

How long does it take for my New York Life insurance policy to be canceled?

It could take up to 10-15 business working days for your policy to be canceled. Sometimes, it could take longer.

If I change my mind after canceling my New York Life insurance policy, can I reinstate it?

Yes, you can always reinstate your New York Life insurance policy at any time. However, it is important to note that you might be charged a reinstatement fee for the lapsed period.

Will canceling my New York Life insurance policy affect my beneficiaries?

Yes, canceling your policy will affect your beneficiaries on the coverage they can receive

Mr. Silas

Mr. Silas

As a diploma holder in Business and MGT, I decided to venture into personal finance with the aim of extending my experience in the field to readers. I'm a full-time content creator here.

On Key

More to read