How to Get Out of Your American National Life Insurance Policy [Right Way]
If you know how to get out of your American National life insurance policy, you could save money and get better insurance coverage. You can cancel your American National life insurance policy in a variety of ways, including stopping paying your premiums, taking advantage of the free look period, or contacting American National online. Refunds, on the other hand, are determined by the type of policy you have.
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UPDATED: Jul 15, 2021
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- Your cancellation choices are determined by the type of life insurance you have, either term or whole life
- If you stop paying your term life insurance premiums, your coverage will cease instantly
- If you recently purchased your insurance, you may still be in the free look period and can cancel without penalty
Life insurance is a smart way of advanced planning for your family’s future when you pass away. However, sometimes the insurance company or plan you picked just isn’t the best option for you.
That’s when you need to find out how to get out of your American National life insurance policy. This article will teach you exactly how to do so without any problems.
It’s possible to buy life insurance even before you get out of your American National life insurance policy. Enter your ZIP code to get free life insurance quotes from top insurers that can offer you affordable life insurance.
American National: How To Cancel Life Insurance Policy
There are two main choices. Firstly, by law, life insurance policy cancellation rules include a free look period. According to Investor, this is a fixed period generally 10 days following your purchase.
You can obtain a complete refund on any premiums you’ve paid if you cancel your American National life insurance policy during this time.
The second choice is dependent on your policy type.
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Term Life vs. Whole Life Insurance
Term life is a form of life insurance that provides a simple death benefit payment when you pass away. Whole life is a pricier permanent coverage option that can build up cash value over the life of the policy. These two insurance types have different options to cancel.
You can get out of your American National term life insurance policy simply by failing to pay your premium payments. This will allow your coverage to lapse with little effort on your side.
Whole Life Insurance
You can surrender your whole life insurance coverage by contacting the American National life insurance company directly. You may be able to get part of the money you’ve paid back depending on how much equity you’ve built up.
You can cancel your American National life insurance policy online by using your login information on the company website. Or, you can contact the company by phone at 1-877-698-0987.
Can I cash out my American National life insurance?
Permanent life insurance policies, i.e. whole and universal life, allow you to access the cash value that has grown over time. If you have this kind of policy you can get some cash. But, you’ll be reducing the death benefit payable to your beneficiaries.
You don’t have to wait until you get out of your American National life insurance policy to find better life insurance rates. Enter your ZIP code now to find life insurance quotes that can replace the insurance coverage you’re canceling.