To cancel a Bestow term life policy, send your cancellation request to the insurer named on your policy, which is Lantern Insurance Company today, or Bestow Life Insurance Company on paperwork issued before the rename. Start from the policyholder login that Bestow points existing customers to, follow the cancellation steps in your policy documents, and ask for written confirmation that coverage has ended and billing has stopped.
Sammons Financial Group, which is based in West Des Moines, Iowa and describes itself as employee-owned, purchased Bestow Life Insurance Company in 2024 and renamed it Lantern Insurance Company.
The name on the website is not the name on the policy
Bestow sold its insurance company, Bestow Life Insurance Company, to Sammons Financial Group in 2024, and Sammons renamed it Lantern Insurance Company. Bestow itself now runs a technology business for insurers, and its website focuses on that. For anyone thinking about cancelling, this has two practical effects. First, the request goes to the insurer on your policy, Lantern, not to Bestow Inc. Lantern's own site lists policies issued under both names on the same policy form, so you may see either one on your paperwork. Second, the place to start is the policyholder login. Bestow's FAQ points existing policyholders to it and says your policy remains in force. Lantern describes its site as the way to service a term life policy online. The company's public pages do not lay out a cancellation procedure step by step, so the document to follow is your own policy, which tells you how to send a request and what your free-look window is. Your coverage did not change when the name did.
How to cancel, step by step
- Find your policy number. It is on the policy itself and on any statement. Work from your own documents rather than from a letter you were not expecting.
- Put the request in writing. Sign and date it, name the policy number, and state the exact date you want coverage to end. A phone call alone leaves you nothing to point at later.
- Say if you are inside the free-look window. If the policy is new, your state may entitle you to a full refund. Make that request explicit rather than assuming it is applied.
- Ask for written confirmation. You want the termination date and, if there is cash value, the amount being released. Keep it.
- Stop the payment last, not first. Only once the insurer has confirmed the policy has ended. Stopping the draft first creates a lapse rather than a cancellation, which is messier and can cost you the cash value.
What to check before you send it
These are the things people most often wish they had looked at first. None of them are reasons not to cancel. They are the difference between a decision and a regret.
- Which company name is on your policy. Policies issued before the rename read Bestow Life Insurance Company. Newer paperwork reads Lantern Insurance Company. They are the same insurer. Use the name on your document when you write.
- When your term ends and what it pays. Term life usually has no cash value, so cancelling returns nothing beyond any refund the free-look period allows. Check how many years remain on the term, because that is the coverage you would be giving up.
- What the coverage was bought to protect. A mortgage, young children or a spouse who depends on your income are the usual reasons. If that need still exists, make sure it is covered before the Bestow policy ends.
- Whether your health has changed since you applied. Bestow policies were priced on the answers you gave at application. If your health is different now, replacement coverage can cost more or be harder to get approved. Get the new policy in force before you end this one.
- How the premium is being paid. Note the account or card on file and the next billing date. After the insurer confirms the policy has ended, check your next statement to make sure the payment stopped.
When cancelling is the right answer
Cancelling makes sense when the reason you bought the policy has gone away, such as a paid off mortgage or grown children who no longer rely on your income, or when you already hold other coverage that fits better. If the need is still there, keeping a term policy you can afford is often the better answer, and we are glad to say so.
Common questions
How do I cancel a Bestow life insurance policy?
Send your request to the insurer named on your policy, Lantern Insurance Company, which was Bestow Life Insurance Company before the 2024 sale. Start at the policyholder login and follow the cancellation instructions in your policy documents. Ask for written confirmation of the date coverage ended and that billing has stopped.
Is Bestow still the company I contact?
For an existing policy, the insurer is the one to deal with. Bestow sold its insurance company to Sammons Financial Group in 2024 and Sammons renamed it Lantern Insurance Company. Bestow's own FAQ directs existing policyholders to the login and says policies remain active under the new name.
Is my policy still in force after the sale?
Bestow's site says your policy remains in force and that you can access your account. A change in ownership of the insurer does not change the terms of a contract already issued. Your policy still says what it said when it was issued.
Will I get money back if I cancel?
Term life usually has no cash value, so there is generally nothing to return for the coverage you used. A refund of premium is typically only available during the free-look period, which your state sets and your policy prints. If you are inside it, say so in your request.
What if I only just bought the policy?
State law gives new policyholders a free-look period, commonly ten to thirty days from delivery, during which you can cancel and have your premium returned. Some states allow a longer window, for example for older buyers or replacement policies. The exact number is on your policy, and our state guide lists the window where you live.
Who owns Lantern Insurance Company?
Lantern is a member company of Sammons Financial Group, based in West Des Moines, Iowa. Sammons describes itself as employee-owned. The 2024 purchase moved the insurer from Bestow Inc. to Sammons, and your policy went with the insurer.
Free · Read it before you cancel
Read it before you end it.
Bring your Bestow policy, or just the latest letter. We will read it with you, explain what it is worth today and what you would lose, and answer billing or paperwork questions. Keeping it is a fine result, and so is cancelling if it is right for you.
- What cancelling your Bestow policy would end
- Any cash value, dividends or riders you would give up
- Where the written request goes and what to ask for
- Billing and premium questions
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This guide is general information, not legal, tax, or financial advice. Cancellation terms, refunds, and free-look windows depend on your contract and your state. Policy Review Center is a free comparison and referral service, not an insurance agency, insurer, or producer, and it connects you with independent licensed agents. Carrier names are used for reference only and do not imply any endorsement or affiliation.