How to Get Out of Your Aetna Life Insurance Policy [Right Way]
Aetna only sells employer-provided group life insurance and does not sell direct life insurance policies. Some employers do not allow employees to opt out of group coverage. Otherwise, you can get out of your Aetna life insurance policy by speaking with your employer. You can also call the Aetna customer service number or mail an Aetna termination of coverage letter to the company headquarters.
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UPDATED: Jul 14, 2021
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- You can get out of your Aetna life insurance policy by speaking with your employer or contacting an agent
- Aetna only sells employer-provided group life insurance, not direct life insurance policies
- Your employer may have the right to require you to participate in group life insurance
If your employer allows it, you can get out of your Aetna life insurance policy by contacting an agent over the phone, through the mail, or speaking with your employer directly.
Aetna only sells group life insurance to employers, not whole or term life insurance directly to individuals. So keep reading to discover how to easily cancel your Aetna Life Insurance Company policy the right way.
After learning how to cancel your policy with a call or an Aetna termination of coverage letter, remember to enter your ZIP code into our free rate tool above to find the best life insurance policy for you.
How do you get out of your Aetna life insurance policy?
If your life insurance coverage is through Aetna, you receive a group life insurance policy as a benefit from your employer.
Aetna only underwrites increasing premium term group life insurance, not direct life insurance policies.
Depending on where you live, your employer may require this coverage, and you may be unable to opt out of the life insurance policy.
However, if your employer does not require participation, then typically, you only need to do two things to cancel life insurance:
- Stop paying your monthly premiums
- Contact a customer service representative over the phone or by mail, and inform them of your choice
The Aetna customer service phone number is: 1-800-872-3862, and the office is open daily from 8:00 AM to 6:00 PM eastern standard time.
You can also mail an Aetna termination of coverage letter to the company headquarters:
151 Farmington Avenue
Hartford, CT 06156
Because your coverage is an employee benefit, you may be receiving affordable Aetna life insurance with little to no out-of-pocket costs.
Therefore, it’s worth talking with the appropriate people at your workplace for more information about your costs and benefits.
Enter your ZIP code below to compare cheap life insurance rates.
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Can an employer force Aetna group life insurance on employees?
As you’ve already learned, an individual cannot buy Aetna life insurance on their own. All Aetna life insurance quotes are for employer-provided group coverage.
Depending on where you live, your employer may legally have the right to require you to participate in the group life insurance coverage.
According to the IRS, there are no tax consequences on group life policies with a death benefit smaller than $50,000.
If your employer decides to require participation, you can only cancel the life insurance coverage by quitting your job.
Typically, group coverage doesn’t provide substantial protection, so you may want to buy life insurance that better fits your individual needs.
It terminates automatically if you ever resign. However, you can sometimes convert group policies with Aetna into permanent personal policies.
When in doubt, check your state and local laws for more information about employer and employee rights.
Get Out of Your Aetna Life Insurance Policy: The Bottom Line
Depending on where you work, you may or may not be able to cancel your Aetna life insurance policy.
Fortunately, group life insurance from Aetna is often very cheap. Your employer may even pay your monthly Aetna life insurance rates for you as a workplace benefit.
Now that you’ve learned how to cancel your Aetna life insurance policy online and over the phone, shop for your best life insurance coverage by entering your ZIP code into our free tool below.