As you know, when you go to the bank for your cash needs, your credit rating and also your fixed income is checked. After this process, if you are seen as a suitable person to take out a loan, you can reach the money you want through banks. Also, an application required by you when you take out a loan is Island, Life insurance.
Life insurance is the first condition to be sought while taking out a loan with a decision. In other words, in order to take out a loan, you absolutely have to take out life insurance and the banks do this for you and collect the amount in the loan you have taken. One of the most common questions for us is the question “What happens to life insurance when the loan is paid early?” We have given detailed information about this subject for you.
Life Insurance Is Returned When Credit Is Closed
When you close your credit debt earlier than the due date; In this case, there will be no need for life insurance for the remaining days. Based on this, the cancellation of life insurance is possible.
For this refund process; an application must be submitted by you. For this application; It will be a better choice to add a picture to your business with a petition. The petition sample you will need is presented for your benefit in the rest of our article.
Can it be undone
If you close your long-term loan early, is it possible to get back the price you paid for insurance? Suppose you have a 48-month requirement or vehicle or 120-month housing loan.
In addition, if we think that your age is 40-50 years old and above, there is a high probability that the policy premium amount you pay is at high levels. If you are in such a situation, you need to send the petition sample written below to the bank.
Petition Sample For Life Insurance Cancellation
Life Insurance Cancellation Petition Sample should be as follows.
“Since I have fully paid my loan as of 01.03.2019 (closed date of the loan) of the Life Insurance policy issued to me, I request that my life insurance be canceled and the remaining premium amount transferred to my current account at your Bank.”
If you sign the Name, Surname / Signature, you will create a request for a life insurance refund.
If you forward this kind of petition to the bank where you pay your loan completely, the Bank will transfer the petition to the insurance company. The full calculation of the day on which your risk continues will be calculated to reveal the number of days left and thus will be transferred to your account.
The most important thing you need to do here is to check your account constantly. Because if your loan account is closed, if the amount from the insurance is actively included in your account, it is highly probable that the account management fee will be collected.
In addition, you can call the customer service of the bank you are a customer of and make a request. If you don’t know your bank’s customer service; working hours / by examining this section, you can find the working hours, customer service number and working hours of all banks.
If you are having problems with your credit life insurance cancellation, you can write to us in the comments section about this issue and you can have the people return to you.
labels life insurance life insurance cancellation loan early closure loan early payment insurance refund request petition