I canceled my life insurance with state farms .Was I suppose to get a refund?

UPDATED: Aug 21, 2018

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UPDATED: Aug 21, 2018Fact Checked

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Asked August 21, 2018

1 Answer

Short answer: Maybe. You should ask them to be sure.

Long answer: Insurance is a service, and like many other services, you pay to have it available to you even if you don't use it. For example, if you try a 30-day TV cleanse, your cable provider will still bill you for the month. What you paid for was the option to watch TV, even if you didn't exercise it. With insurance, you pay for a financial safety net. If something big and expensive happens to you, it's okay; you have insurance. With life insurance, that financial safety net isn't for you, but for the people who depended on you for support. So, clearly, if you're alive to cancel the policy, then it didn't get used. But that doesn't mean the insurance company didn't give you anything; for the time that you held the policy, you had a safety net under you. That doesn't change just because you were fortunate enough not to fall into it.

However. There are cases in which you might receive a refund, but they depend on the specific policy and the time at which you purchased it. The most common would be if this particular policy offered you a period to look into the terms and conditions after purchase and you were still within this period. Or if this was not the policy that you intended to purchase, and you cancelled it shortly after purchase when you realized your mistake. But these situations don't apply to every policy, nor are they offered by every company. To be absolutely certain, you should check with State Farm.

Answered August 23, 2018 by crobinson

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