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Should I cancel my American Income Life Insurance policy?

I signed up for a free $4000 accidental life insurance policy with AIL though my work union. An insurance agent called to set up an appointment. I knew there had to be a catch. To make things short I ended up buying their Whole Life Insurance. I'm having second thoughts about this company because of all the negative feedback I'm finding about them on the internet. Although it's primarily about their employment practices. I wish the agent had not insisted I make a decision right away so I could compare their prices with other companies. I was made to believe I was getting a superior product than any other company could offer. The agent almost made it seem like he was doing me a favor. I'm just having a bad feeling about this.

Public Comments

1. It is never too late to get out. You can cancel anytime for any reason. I never heard of that company. I would just cancel now because whole life insurance is a big rip off. It does not matter if its with this company or a different one. Take the term life insurance and invest your money where your money will stay your money. The insurance agent pressured you for that sale because they get a lot of commission on that policy. Whole life is good for the agent but not good for you. They make good commission and the money goes in their pocket and not in yours. Cancel with them now. There is no committment to stay. Then go get a term policy and invest the difference in a 401k or IRA or something that is tax deductible. This time shop around for an honest agent. There are still some out there. Good Luck.
2. Did the agent have a gun? You should never feel pressure to buy anything. Yes, you can do better with another company. Look at the rates on my web site and you'll see the prices from 150 other companies.
3. The simple answer is yes you should cancel your life insurance policy. When you get your life insurance policy, you have the right to refuse the policy by not signing anything and get your premiums back. If you already accepted the policy, you have a free look period (which last 10 days from the day you got the policy) which you can cancel and get the full refund. If it is past the free look period, you will have to write a letter saying you want to cancel and you will get a partial refund. The first question you should ask yourself is: Why do you need life insurance? If you were to die tomorrow, would your death have a financial impact on your family? The second question you should ask yourself is; What kind of life insurance is right for me? All my clients (including myself) have term insurance because it is the right product for everyone. I don't see any reason why someone should have life insurance for the rest of their life. Life insurance can't protect your life, but it can replace your income. By owning term insurance, you can have lots of coverage for a low cost. Since it doesn't cost much, you should invest the savings into a retirement account (such as 401k or IRA). By the way, you may want to talk to your work union that the accidental life insurance policy is a big waste of money. Even though its free for you, someone is paying for it. Accidental Life Insurance only pays if and only if you die from bodily injury. Dying from bodily injury is very rare and its hard to file a claim. Insurance companies will investigate the death and will likely say that other health factors contribute to your death, not from bodily injury. As for whole life insurance you got, you want to read this to learn the real truth behind it: http://finance1o1.blogspot.com/2008/08/whole-life-insurance.html You may also want to read this in case the insurance agent tries to change your mind: http://finance1o1.blogspot.com/2007/04/myths-about-cash-value-life-insurance.html That company and the agent are really screwing everyone where you work.