How do you cancel life insurance from the bank?

 How do you cancel life insurance from the bank?

There are several options to properly cancel life insurance and another rental that offers full guarantees at a lower price. Before cancelling life insurance with the bank, it is important to make a comparison between different policies in the market in order to switch to another policy when addressing the cancellation of its predecessor. 

cancel life insurance from the bank
 How do you cancel life insurance from the bank?


During the duration of the mortgage, such insurance must be in the presence of the debt in the event of death to the heirs. In this way, the loan burden disappears, which is considered a large expense in most cases. 


Steps to unlock life insurance 

One of the first things to consider when canceling life insurance is the applicable conditions. In accordance with Article 22 of the Insurance Contract Act, 


"The parties may oppose the extension of the contract by written notification to the other party, which shall be made at least one month before the end of the current insurance period when the person who opposes the extension is the policy holder and two months when he is the insurer. 


Therefore, when you have already decided to cancel the life insurance that you have with the bank, it is necessary to notify it at least 30 days before the expiration date of the policy. This can be done in person, by mail, Burofax or on the web if the company has this type of online service. It is essential that the message states: 


Document holder data

Document number and date. 


Once it is converted, the bank must respond to the cancellation authorization, although in most cases, it is usually required that contracting with others life insurance that is linked to the mortgage be approved before proceeding to cancel. In the event that the bank unilaterally increases the premium or make a change in coverage, the customer shall have a period of 15 days from the date of notification to accept the new terms or cancel the policy. 


Another option regulated by law is to re-insure life within 30 days of contracting if you do not agree to the terms or coverage that has been contracted. Article 83 of the Insurance Contract Act sets out the following in relation to this issue: 


"The holder of the individual insurance contract for more than six months, which stipulates the contract for his or her life or that of a third party, will have the sole authority to terminate the contract without giving reasons and without any penalty within 30 days of the date of delivery of the insurance company's policy or temporary coverage policy."