Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jun 9, 2021

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The Brief

  • Whole life conversion is a cancellation option since most policies are portable.
  • Your policy options are limited to your employer’s choices.
  • Aetna life insurance is offered only through workplace coverage.

Are you wondering how to cancel Aetna Life Insurance? If so, you’re not alone. Many people reconsider after buying term life or whole life insurance plans for any number of reasons.

Obtaining life insurance can be easy, but some companies make you jump through hoops to cancel a policy. Aetna is unique as your employer will usually have control over your Aetna life insurance.

There are a few questions to consider, such as how long you’ve had the policy and if it is term life or whole life. 

Learn how to cancel Aetna life insurance in our guide below, and start shopping for new life insurance companies with our free comparison tool above. Enter your ZIP code to get started.

Step 1: What kind of plans do you have from Aetna Life Insurance?

First, you’ll need to find out what Aetna life insurance you have. It is provided through a group insurance plan your employer subscribes to. The plan covers you, your partner, and your children.

Aetna offers term life, universal life, and accidental death and dismemberment coverage.

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Step 2: Talk to your employer

Your employer can cancel on your behalf, or you can write to the insurance company yourself. With term life insurance, you can also stop paying premiums.

In both cases, you can expect not to get any refund. Term life insurance does not build up any cash value. 

Step 3: Canceling Aetna whole life insurance through the free look period

Final expense whole life insurance is a specialist policy offered by Aetna. This particular type of life insurance has a free look period of 30 days

The free look period means you can cancel your insurance free of charge within a short space of time after obtaining it. 

It starts from the time that the policyholder received the policy. Take note that if the policy was done under “E-delivery” online, the 30 days start from the time you open the policy.

There must be a written request to take advantage of the free look period. It should include:

  • Name of the policyholder 
  • Policy number  
  • Signature 
  • Date that you want cancellation to take effect

Review your specific policy to see what you may due when canceling. 

Step 4: Cancel Aetna life insurance by switching plans

Are you changing jobs? Portability means you have the right to keep your policy as an individual even if you lose group insurance coverage. If you quit the company or retire, you can take your coverage with you.

You may be able to take advantage of conversion as well. Through conversion, you can keep your coverage intact if you leave your job, retire, are fired, or even if your coverage is just reduced. You can do this by switching to an individual whole life policy. 

This new policy will be your financial responsibility, and it’s almost certain the whole life insurance cost will be pricier than the coverage provided by your employer, especially if you previously held a term policy.

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Step 5: Get Your Life Insurance Refund 

With whole life plans, you may be entitled to a share of the cash value of the policy. Note that in the early years of the policy, a surrender fee is usually added to that cash sum, possibly decreasing the amount you’ll receive.

Refunds for whole life insurance are paid in the form of a paper check. Aetna says you should allow 20 days for it to clear.

If you’re ready to cancel Aetna life insurance, it’s best to start looking at some sample life insurance rates. Enter your ZIP code below for free life insurance quotes today.

Frequently Asked Questions: How to Cancel Aetna

#1 – Why may someone consider canceling their life insurance? 

You may not be satisfied with the coverage provided by Aetna. Since your employer has control of the coverage limits, it may not be enough for your needs.

#2 – Is there an Aetna cancellation phone number? 

Yes. You can contact Aetna customer service on 1-866-292-3374.

#3 –How to cancel Aetna student health insurance? 

Contact your school or university to cancel enrollment in the Aetna Student Health plan.