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 11, 2021

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The Brief

  • Learn how to cancel AIG life insurance by phone and online.
  • You may be able to cancel AIG term life insurance by not paying the monthly premium.
  • There are options to reduce your monthly life insurance premium if you can no longer afford your current policy.

People who are buying term life or whole life insurance decide to cancel their policies for many different reasons. If you’re a customer with American International Group (AIG), read on to learn how to cancel AIG life insurance company policies in four steps.    

Before we dive into how to cancel an AIG life insurance policy, you can compare quotes from different life insurance companies to save money on your policy. Enter your ZIP code now to see instant life insurance quotes in your area. 

What are the easiest ways to cancel a life insurance policy from AIG?

Canceling your AIG life insurance is as simple as contacting the company. Let’s look at two methods you can use to quickly cancel your policy by phone or online at the AIG website. Each method is just four easy steps.

How do I cancel AIG life insurance by phone?

Here are the steps to take if you need to know how to cancel your AIG life insurance policy with a phone call.

Step 1: Call AIG life insurance customer service toll-free at 800-888-2452

Step 2: Provide the representative with your policy number and customer information

Step 3: Inform the representative that you wish to cancel your AIG life insurance policy

Step 4: Request a confirmation email containing the cancellation details of your policy

Don’t forget to retain the confirmation email for your records.

How do I cancel AIG life insurance online?

Next, we’ll look at how to cancel online from AIG’s website. You may notice the steps are similar to cancellation over the phone.

Step 1: Access the AIG login from a web browser and sign in with your ID and password

Step 2: Initiate a secure message to customer service

Step 3: In the message, inform customer service of your intent to cancel your AIG life insurance policy

Step 4:  Request a confirmation email containing the cancellation details of your policy

Here again, be sure to save the confirmation email so you have proof of your life insurance cancellation.

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Why would I need to know how to cancel an AIG life insurance policy?

You may encounter one of these common reasons for canceling your life insurance policy:

  • You found a cheaper rate for life insurance coverage
  • You have buyer’s remorse after purchasing life insurance
  • You no longer need life insurance. This may be the case if your mortgage is paid off and your kids are out of school.
  • You want to access your life insurance policy’s cash value.
  • You can no longer afford your life insurance premiums

The process for canceling your AIG life insurance probably isn’t as difficult as you think. Next, we’ll learn about the options AIG customers have for canceling their life insurance policies. 

Can I cancel AIG life insurance during the look period?

You could be in luck if you’ve very recently purchased life insurance and decide you don’t want it. Life insurance companies offer customers a free look period. This is the time immediately after you buy a life insurance policy. 

You have a 10-day look period if you buy AIG life insurance products. Other life insurance companies may offer look periods of up to 30 days. 

You may cancel your life insurance policy without penalty or cost during the free look period. Any premiums you’ve paid will be refunded by the life insurance company. 

The exact amount of time a free look period is valid depends on the insurer and state regulations. 

What if I stop paying the premium on my AIG life insurance policy?

You can also stop paying your monthly premium if you want to cancel an AIG term life insurance policy. 

Life insurance companies will cancel a term life insurance policy if the customer fails to pay their premium within the 30-31 day grace period after the premium payment due date. 

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Are there options for keeping my life insurance policy?

Maybe you need life insurance, but you’re considering canceling your current policy because the premiums are too costly. In this case, you could have options that keep you insured for a lower price. 

It’s worth considering the following alternatives before you cancel your life insurance policy:

  • Request a lower coverage amount. Life insurance companies often let customers decrease coverage to reduce their premiums.
  • Arrange for a new medical exam. If you’ve lost weight, quit smoking, or made other lifestyle improvements, you may qualify for a premium reduction. Many life insurance companies allow customers to take a new medical exam if they maintain a policy and lifestyle improvements for at least one year. 
  • If you have a whole life insurance policy, you may be able to access the cash value and use that money to cover your premiums.

You may also find lower premiums by comparing AIG life insurance quotes with those from other companies. 

Is AIG life insurance good?

Life insurance companies aren’t interchangeable. It’s always a good idea to size up an insurer’s reputation before you buy or cancel a policy. 

For example, AIG was founded in 1919 and is headquartered in New York City. The company publicly trades AIG stock on the New York Stock Exchange (NYSE) under the ticker: AIG.

A.M. Best gives AIG an A rating for its excellent ability to payout benefits to policyholders. The Better Business Bureau (BBB) rates AIG at A-

AIG sells a wide range of insurance products including:

  • AIG term life insurance
  • AIG whole life insurance
  • AIG auto insurance
  • AIG casualty insurance
  • AIG retirement financial services

You may be wondering how affordable AIG life insurance is. The table below shows average monthly term AIG life insurance rates for non-smoking men of different ages.

AIG Term Life Rates $100,000 vs $250,000

Age$100,000/10-Year$100,000/20-Year$250,000/10-Year$250,000/20-Year
25$10.03$10.94$10.34$12.90
30$10.03$10.94$10.34$12.97
35$10..64$11.17$11.67$13.53
40$12.48$14.14$13.81$18.12
45$14.86$17.59$17.95$28.28
50$17.01$26.16$25.86$41.68
55$26.62$37.26$41.68$69.89
60$38.22$55.75$63.70$124.42
65$55.07$99.29$113.71$207.35
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AIG is a quality life insurance company thanks to its solid ratings, affordable prices, and 100-year history of serving customers. Check out our comprehensive AIG life insurance review for more information. 

How to Cancel AIG Life Insurance: The Bottom Line

Just because you have a life insurance policy doesn’t mean you’re stuck with that policy for life.

Canceling AIG life insurance is straightforward. Customers may call customer service toll-free or send a secure message from their AIG login to request cancellation.

Failure to pay the monthly premium on an AIG life insurance policy will also result in cancellation. Whole life insurance policyholders should research any penalties before canceling. 

The decision to cancel your life insurance policy should be made with care. If you find you can no longer afford your life insurance, explore the options that may lower your premiums. 

Now that you know how to cancel AIG life insurance, you may be shopping for a new life insurance policy. Enter your ZIP code now to compare instant quotes from multiple life insurance companies.