Cancelling Whole Life Insurance

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Access the aig login from a web browser and sign in with your id and password. Initiate a secure message to customer service. In the message, inform customer service of your intent to cancel your aig life insurance policy. Request a confirmation email containing the cancellation details of your policy.

However, it’s probably not the best choice in the log run. If you decide to cancel the policy after 20 years, then you could get back over $88,000, however you would lose over $300,000 of death benefit. The sooner you cancel your whole life the worst of an investment it will be. In other words, the insurance charges are so high, that $69,627 (cash value) + $13,500 (premium) = $83,127 plus 4% growth which brings the cash value up to $86,452 will still be depleted by a whopping $12,388 from the insurance charges. And of course, the charges continue to grow higher under the universal life policy as barbara ages; Another factor to consider if you are thinking about cancelling a whole life insurance policy is the existence of any surrender charges or surrender fees related to withdrawing your cash balance. To make sure they can recoup the insurance costs associated with a policy, some insurance companies entirely prohibit cash withdrawals in the early. Since part of your monthly payment is an “investment,” you do get something substantial back when you cancel. If the answer is yes to these types of life questions, you may want to consider holding onto your insurance policy.