Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 21, 2021

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The Facts of Life

  • You can get out of your AIG life insurance policy by canceling your coverage
  • You have a few different options for canceling including over the phone or by writing a policy cancellation letter
  • In most cases you won’t be able to get a refund for what you’ve paid into your policy if you cancel

If you have a term life insurance policy or other life insurance coverage with AIG and need to cancel, you probably have some questions. How do I cancel my AIG life insurance policy? Will I need to write a cancel life insurance policy letter? Will AIG give me any money back after I cancel my policy?

Read this guide for all the information you need on how to cancel a life insurance policy with AIG.

Before we get started on our guide for canceling your AIG life insurance policy, why not use your ZIP code in the tool on this page to get a free life insurance quote so you can see what may be available to you?

How do you get out of your AIG life insurance policy?

There are a few different ways you can cancel your AIG life insurance policy. The first option is to call:

  1. Call the AIG life insurance customer service line at 800-888-2452
  2. Inform the AIG representative that you’d like to cancel your policy (you’ll need to provide your policy number and some identifying information)
  3. Follow the policy cancellation process and steps provided by the representative over the phone

A second option is to write a policy cancellation letter, which you can either fax to 844-930-0370 or mail to PO Box 818006, Cleveland, OH 44181.

If you have a term life policy, the third option is to stop paying your premiums (we’ll talk more about this in the next section). This will result in the automatic cancelation of your policy.

Unfortunately, if you cancel your life insurance policy, you probably won’t get back any of the money you paid into it. However, if you cancel your policy within the free look period, you may be able to cancel without any penalties, and your initial premium may be refunded to you.

You won’t have much time to decide on canceling in the free look period, however, as this is usually between 10 and 30 days after buying your policy. The exact timeline varies by state law (for example, Iowa insurance law sets a minimum 10-day free look period for life insurance).

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Why might you need to cancel your AIG life insurance policy?

There are several reasons you might decide to cancel (or change or convert) your life insurance policy. The first step is to look at your life insurance policy any time you experience a life change; this will help you decide whether or not changes need to be made.

Life change examples can include getting married, having children, experiencing health issues, dealing with a change in your financial circumstances, and more.

If you can’t afford your policy anymore because of a change in financial circumstances, it may make sense to cancel it. Or maybe you find better rates from a different insurer; in that case, canceling and switching to a new policy could save you money.

If your children are grown, and you don’t have anyone financially dependent on you, you may consider canceling your policy because you’ve decided you no longer need it.

You may find yourself in a variety of circumstances in which canceling your policy makes the most sense. Keep reading to find out how your policy could be canceled for you, whether you want it to be or not.

Can your AIG life insurance policy be canceled without your permission?

There are a few reasons why your life insurance could be canceled without you taking steps to do so:

  • The term of your policy ended, and you didn’t renew before the end date
  • You failed to pay your premiums
  • Your life insurance company discovered that you lied on your application

If your life insurance policy is canceled, you can talk to your life insurance company about buying a new policy or shop around to see what your options are.

Get Out of Your AIG Life Insurance Policy: The Bottom Line

If you need to get out of your AIG life insurance policy, you can call the company or write a letter to cancel your policy. If you have a term life policy, you can also stop paying your premiums, and your policy will be automatically canceled.

You probably won’t be able to get a refund for the premiums you’ve paid unless you cancel during the free look period (in which case you’ll probably be able to get your initial premium refunded) or during a billing cycle (in which case you may be able to get a refund for the last premium you paid before canceling).

Now that you’ve read through our steps on how to cancel your AIG life insurance policy, why not use your ZIP code in our tool to get a free quote and start comparing life insurance rates today?

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Get Out of Your AIG Life Insurance Policy: Frequently Asked Questions

If you’re still wondering about canceling your AIG life insurance policy, take a moment to read through these frequently asked questions for more information.

#1 – Are life insurance living benefits worth it?

Life insurance living benefits are benefits you may be able to access through your life insurance policy while you’re still alive (though it’s important to note that if you do, it will reduce the value of the life insurance payout to your heirs after your death).

Under certain circumstances and depending on your policy type, you may be able to access part of your life insurance payout while you’re still living. Situations in which this is an option typically include:

  • If you’re living with a chronic illness when it severely limits your daily activities
  • If you experience a critical illness (i.e., an unexpected health event like a heart attack or stroke)
  • If you’re diagnosed with a terminal illness (in which your doctor does not believe you’ll live for more than two years)

Quality of life insurance policies are one option for a product that includes living benefits. If your policy doesn’t include a living benefit, you may be able to use your policy’s cash value (again, if you have the right type of policy) to access a payout.

#2 – Does your life insurance have a cash value?

The cash value of a life insurance policy refers to how much the policy is worth. Lifetime or permanent life insurance policies are the most commonly associated with cash value and can include whole life insurance, universal life insurance, and quality of life insurance.

Reasons it may make sense to choose a policy type with cash value and the benefits of doing so include if you’re looking for a long-term policy (i.e., one that doesn’t expire at the end of a set term) or if you’re looking for a way to invest additional funds.

#3 – When is whole life insurance a good idea?

There are a few different contexts in which whole life insurance might make more sense than other kinds of life insurance policies.

This can include if you’re looking for a guaranteed way to leave an inheritance behind when you die, if you own a large estate and want to ensure your heirs can pay any necessary taxes after your death, or if you’re looking for another way to earn interest on money (after having maxed out your 401(k) and/or IRA).