How to Cancel Americo Financial Life & Annuity Insurance in 5 Easy Steps

There are many different reasons you might need to know how to cancel Americo Financial Life & Annuity insurance.

Whether you want to find lower rates or just don’t want life insurance anymore, the cancellation process is pretty simple.

We’ll show you the steps for how to cancel Americo life insurance and even help you shop for new coverage.

Before you cancel, read our Americo life insurance review to learn more about the company. Americo Financial Life and Annuity insurance company reviews, rates, and ratings are included.

Keep reading to learn how to cancel Americo Financial Life and Annuity life insurance. Enter your ZIP code to compare life insurance rates from multiple companies near you for free.

What are the steps to cancel Americo Financial Life & Annuity life insurance?

No matter why you want to cancel Americo life insurance, the process is the same. Americo allows you to cancel your coverage for any reason, at any time.

There are some differences between canceling term and permanent life insurance. However, these are the general steps to take regardless of coverage type:

• Step 1 – Speak with customer service to begin the cancellation process. The Americo Financial Life and Annuity insurance company phone number is (800) 231-0801.
• Step 2 – Provide your personal information and policy number.
• Step 3 – Explain that you want to cancel your life insurance. If you are canceling because of the price, they may be able to offer you lower rates to keep you as a customer.
• Step 4 – Ask for written confirmation of your cancellation. You will have to send in a policy cancellation request.
• Step 5 – Follow up. After your cancellation date, check to make sure your cancellation is complete, and ask about any refund you might be due.

The cancellation process with Americo is pretty simple. However, you might be charged fees and penalties for canceling your coverage.

Be sure to ask about this when you speak with customer service so that you aren’t surprised.

What should you consider before canceling Americo Financial Life & Annuity life insurance?

While Americo allows you to cancel your coverage when you want, there may be fees that go along with that. Americo offers term and permanent life insurance options.

Term life insurance is simple to cancel. Term coverage is the cheapest form of life insurance and has no cash value. If this is the type of coverage you have, you can either cancel or just stop making payments.

You may receive a refund if you have paid in advance and then cancel. Depending on the state you live in, you may be charged fees if you cancel before your term is up.

There are more factors to consider when canceling permanent insurance. Whole and universal life insurance have a cash value attached to the policy. When you cancel, you may receive that cash value after any fees are deducted.

The Insurance Information Institute reports that you can be charged surrender fees when you cancel permanent life insurance. However, if you’ve had your policy for a long time, your fees should be low.

If you just stop making payments on your whole or universal life policy, Americo can use your cash value to pay for your coverage. Once that cash value is exhausted, your policy will lapse. You may still be charged fees.

Case Studies: How to Cancel Americo Financial Life & Annuity Insurance

Case Study 1: Lisa’s Changing Priorities

Lisa, a 35-year-old professional, purchased a term life insurance policy from Americo Financial Life & Annuity a few years ago when she got married and started a family.

Recently, she reevaluated her financial goals and found that her current term life policy no longer aligned with her needs. With her children now grown and financially independent, Lisa wanted a more flexible insurance plan that would offer additional benefits like cash value accumulation.

After thorough research and consultation with an insurance agent, she decided to cancel her term life policy with Americo and invest in a new whole life insurance policy that provided long-term benefits and potential returns on investment.

Case Study 2: Richard’s Retirement Planning

Richard, a 50-year-old retiree, had been paying premiums for his whole life insurance policy with Americo Financial Life & Annuity for several years. As he approached retirement, Richard reviewed his financial portfolio and found that his insurance needs had evolved.

With his children grown and financially stable, he no longer required the extensive coverage provided by his whole life policy. Additionally, Richard was looking for ways to supplement his retirement income.

After discussing his options with a financial advisor, he decided to surrender his whole life policy and reinvest the accumulated cash value in a more diversified retirement plan.

Case Study 3: Mike’s Financial Crisis

Mike, a 28-year-old entrepreneur, faced an unexpected financial crisis when his business encountered significant losses. He had been diligently paying premiums for his term life insurance policy with Americo Financial Life & Annuity, but the financial strain made it challenging to keep up with the payments.

Mike considered canceling his policy to free up some cash flow temporarily. However, he was concerned about leaving his family financially unprotected. Instead, he reached out to Americo’s customer service to discuss possible solutions.

Upon explaining his situation, the customer service representative informed him about the option to convert his term policy to a reduced coverage amount or explore a temporary premium payment waiver until his financial situation improved.

Case Study 4: Susan’s Policy Comparison

Susan, a 40-year-old single professional, had purchased a whole life insurance policy from Americo Financial Life & Annuity a few years ago based on a recommendation from a friend. Recently, Susan became curious about her policy’s competitiveness in the insurance market. She decided to compare her existing policy with other insurance providers.

Through her research, Susan discovered that she could obtain similar coverage and benefits at a more competitive rate with another insurance company. Although she was satisfied with Americo’s service, Susan opted to cancel her current policy and switch to a different insurer that better suited her budget and needs.

How to Cancel Americo Financial Life & Annuity: The Bottom Line

You can cancel Americo Financial Life & Annuity life insurance company coverage at any time, but you might be charged fees to do so.

You will need to speak with customer service and fill out a policy cancellation form in order to end your coverage.

To find the life insurance you need, shop around and compare rates from various companies to see who can offer you the coverage you need at the cheapest price.

We hope you’ve learned all you needed to know to cancel Americo Financial Life & Annuity life insurance. Enter your ZIP code to compare life insurance quotes from companies near you for free.