To cancel a Liberty Bankers life policy, send the company named on your policy, usually Liberty Bankers Life Insurance Company, a signed, dated written request that gives your policy number and the date you want coverage to end, or ask your independent agent to start it. Then get written confirmation that the policy has ended and billing has stopped. The company's website lists no surrender form for life policies, so ask its Policyowner Service Department what it needs.
Liberty Bankers Insurance Group, based in Dallas, Texas, lists three insurance companies on its affiliates page: Liberty Bankers Life Insurance Company, American Benefit Life Insurance Company and Capitol Life Insurance Company.
Liberty Bankers is a group of insurers, and its life form has no surrender box
Two things about Liberty Bankers change what you should do. First, the name covers a group. Liberty Bankers Insurance Group lists three insurers: Liberty Bankers Life Insurance Company, American Benefit Life Insurance Company and Capitol Life Insurance Company. Your policy was issued by one of them, and the company name on your policy and premium notice is the one your request must name. Second, the Life Service Form on the Liberty Bankers Resources page handles a change of beneficiary, owner or name, a release of assignment, a coverage change and a duplicate policy. It has no surrender or cancellation box. The only surrender request box we found on the company's forms sits on the supplemental health service request form, which is for supplemental health policies. The Resources page says that for any service form not listed, you contact your independent agent or the Policyowner Service Department. So on a life policy, ask that department in writing what it needs for a surrender, and name the exact issuing company. The life form does include a non-forfeiture section, where the surrender value can buy extended term or reduced paid-up insurance. That is worth a look before you end anything.
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 Liberty Bankers company issued the policy. The group has three insurers, and annuities are underwritten by Liberty Bankers Life and Capitol Life. The issuing company is printed on your policy and premium notice. Put that exact name on your request.
- Whether it is life insurance or an annuity. A life policy ends with a surrender or lapse. An annuity has a surrender charge period, and the company says that once it has passed you can withdraw the whole account balance without penalty. Your contract shows how long yours lasts.
- The cash surrender value, in writing. The company defines cash surrender value as the amount stated in the policy that is available in cash when you surrender the policy. Ask for the figure as of your intended end date. Term coverage generally has none, while whole life can.
- The non-forfeiture options on a whole life policy. The life service form lets the surrender value be applied to extended term insurance or reduced paid-up insurance. Either can keep some coverage in place without paying premiums. Ask what face amount each would give you.
- How premiums are being paid. Liberty Bankers describes home service as premiums paid in person to an insurance professional. If you pay that way, stopping the visit does not end the policy. Tell the company in writing, and keep the confirmation.
- Who is named as beneficiary. The life form says the right to change beneficiaries is reserved to the policy owner, unless otherwise indicated. If you are keeping the policy, check that the names are still right while you have the paperwork out.
When cancelling is the right answer
Cancelling is a sound choice when the reason for the coverage is gone. The debt is paid, the family no longer depends on the income, or you hold two policies that do the same job. It can also make sense when the premium is a strain and you have looked at reduced paid-up coverage and a lower face amount first. If the policy has cash value or is an annuity, get the surrender figure in writing and ask how it will be taxed.
Common questions
How do I cancel a Liberty Bankers life insurance policy?
Send the issuing company a signed, dated request with your full name, policy number and the date you want coverage to end, or ask your independent agent to help you start it. Ask for written confirmation that the policy has ended and billing has stopped. The Liberty Bankers website does not list a surrender form for life policies, so ask the Policyowner Service Department what it requires.
Is there a Liberty Bankers surrender form?
The Life Service Form on the company's Resources page has no surrender box. It covers beneficiary, owner and name changes, release of assignment, non-forfeiture, coverage changes and duplicate policies. A surrender request box appears on the supplemental health service request form, which applies to supplemental health policies. For a life policy or annuity, ask the company or your agent for the right form.
What is the cash surrender value of my policy?
Liberty Bankers defines it as the amount, stated in the policy, that is available in cash when you surrender the policy. Your annual statement and policy schedule show it. Ask the company for the exact figure as of your end date, in writing, before you decide.
Is Liberty Bankers the same company as Bankers Life?
No. Bankers Life and Casualty Company is part of CNO Financial Group, and Liberty Bankers Insurance Group is a separate Dallas-based group. If your paperwork says Bankers Life, use the Bankers Life guide on this site. Your policy documents name the company that issued your coverage.
Will I owe tax if I surrender?
It depends on the policy. On a life policy, a surrender payment above what you paid in can be taxable. On an annuity, money taken out that is not an annuity payment is generally taxed as income first, under IRC Section 72(e), and an additional 10 percent tax can apply to the taxable part if you are under age 59 and a half, with exceptions. Ask a tax professional about your numbers.
What if I only just bought the policy?
Every state gives new policyholders a free look period, commonly 10 to 30 days after delivery, during which you can cancel and have the premium returned. Say you are inside that window in your written request, and check your policy for the length that applies to you.
Will my coverage end the day I ask to cancel?
Not usually. Most life insurers end coverage on the next premium due date or on the date they process a signed request, whichever the contract specifies. That gap matters, because until the policy actually terminates you are still covered. Never treat a phone call as the end of it: confirm the termination date in writing and keep the confirmation.
Should I just stop paying instead of cancelling?
It is simpler than it looks to do this badly. Stopping payment starts the grace period, and if the policy has cash value the insurer may keep it in force by taking loans against that value, which can quietly drain it. A written request creates a clean, dated record of what you asked for and when. Cancelling on purpose is always tidier than lapsing by accident.
Free · Read it before you cancel
Read it before you end it.
Bring your Liberty Bankers Life 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 Liberty Bankers Life 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.