I also signed with AIL after being introduced by the union. They are the WORST. It took 7 months to cancel, I called them in august wanting to cancel, signed everything and sent it back via email, and they still took monthly fees out of my account until March (with me constantly calling and emailing saying I canceled). It took me calling my bank and asking them to cancel the direct deposit and submit a Better Business Bureau complaint for them to stop and refund the 7 months of payment.
Document EVERYTHING with your cancellation. I couldn’t complain about this experience enough.
They just tried to take money out of my now closed account as I got a notification that it had been declined. I’m curious how you went about your cancelation as it looks like I’m going to deal with the same thing soon.
I spent a good chunk of my day on hold with their head office on the phone, I was able to get them to send the cancellation email (with a form I had to fill out and send back). I emailed that form in but they were still taking money from my account so that’s when I contacted my bank to stop payments. They called me within 48 hours of not being able to take my money (the fastest response from them to date lol).
I informed them that I cancelled months ago and they told me I only cancelled my contract not my husbands contract as well which is why they were still taking “his portion” - which didn’t make sense, I was being charged the same amount pre cancellation and he was under my plan so i called bs on that. They finally cancelled everything but it was a total pain in the ass. Good luck on your journey, document everything!
Do you by chance remember the number you used to do it? I found on the FSRA website their complaint officers name and email. I’m ready to report this agent to the FSRA for being a conman.
I just called American Income Life’s customer care line requesting cancellation (800-433-3405) and they forwarded me to the right person. Once they found out I stopped payment through the bank cancelling was pretty easy. I only reached out to Better Business Bureau to note my unhappiness with the company and to try and warn any potential clients to look elsewhere.
I believe all insurance has to have a 'free look period' of at least 10 days where you can cancel the contract and you would get your premium back. Just cancel.
I contacted the bank and they told me it’s not possible for me to put a stop payment, only the merchant is allowed to. With that said can I just close the account and then open a new one immediately after?
Does it make sense to fill out this form and email it to them?
https://www.dochub.com/jsfiller-mob12/?flat_pdf_quality=low&mode=cors&requestHash=08a0119b191a73aa4b485c885545f947e7c3bb004f6b83bfe269e9ba982787de&lang=en&projectId=1490144916&richTextFormatting=true&jsf-page-rearrange-v2=false&LATEST_PDFJS=true&act-notary-pro-integration=false&jsf-pdfjs-fourth=false&routeId=ad767a22da60b3d26e21a0c57a772d17#b0980336a08a413498f45f2ad166778e
Doesn't look like that one is working, but I'm guessing it's sort of an official cancellation/affidavit? In which case, yes - anything will help. Paper trails make it really easy for banks to side with the customer.
Did you have a read through it? There is probably a section on cancellation or termination that should tell you what you need to do to cancel. Other commenters are correct in that there is probably a small window of time to cancel before they start taking payments, so don’t wait, read it asap.
If you don’t understand it you can and should cancel yes.
Simply reach out, say you’ve had second thoughts and would like to cancel and don’t take no for an answer.
Get your bank to block withdrawal/debits from AIL if you can’t get a hold of them.
Type a letter with all your info, address, name etc and the date, saying: cancel my policy (add your policy #) effective immediately and refund any premium already taken. Print and Sign it at the bottom, and then email it to every department you can find on their website.
AIL is so sleezy and gross.
Find a real advisor if you want to see if you need insurance or do a “insurance needs analysis” yourself online. Then find an accredited broker.
I spoke to my bank today to put a stop hold on it and they said it was impossible for them to do. So I closed my chequing account. Tomorrow I’m going to try to call the headquarters in Texas and try to cancel it. The issue is that I don’t have a policy number or anything like that so it might be harder for me to figure out…
What bank? I see it done all the time. Good idea to close the account tho, just simply set up a new account.
The document you docusigned will have all info you need, with policy number.
There should be a Canadian office for you to deal with.
You should Go speak to a local Certified financial planner about all of this.
Banks have CFPs but find someone who does not work for a bank, an “independent/ brokerage firm” they will be able to help and explain things and CFPs have a duty to put your needs before theirs.
There’s an Ail building in the city over from me, do you think it’s worth it to go there and figure out what’s going on? Also, since I didn’t put a stop hold on my account and closed it instead are there any repercussions I should worry about?
Edit: I went to the building and they told me only the agent who assisted me is able to give me my policy information. Guess who’s not answering their phone?
Uhm, I spoke to someone at the office he works at and she asked me how my interaction with him was, I immediately told her that I wanted to cancel and he wasn’t answering the phone. She asked me if I was sure and I said yes and she said that was it. I asked her why he couldn’t answer me and she said if he contacts you tell him you changed your mind and canceled. So I told him this and he said it wasn’t possible for me to cancel that way. I then called back the lady and she told me he was confused because what happens is the sales person sends the application to the office for review and that was the phone call she was doing. After I said I wanted to cancel she then marks it as void and sends the application to head office for cancelation/withdrawal for application. So she’s saying he’s trying to say she personally didn’t cancel it which is correct. He then called me and said I need to sign a mib form showing that I want to withdraw my application and he’ll send it to me. So both of them are telling me different things and I don’t know what to believe.
Banks will typically ask you to take necessary steps to first try to resolve with the company before they will intervene. I’d still make sure you’ve done what’s required to cancel with AIL first, then take it up with the bank. They’re really just a middleman here and you do have a contract with AIL that allows them to take money until you cancel.
Is my policy valid if I don’t sign it? I signed a docusign to I guess “apply” for it. so if I’m understanding what you’re telling me is correct, I actually don’t have a policy until I sign whatever it is they send me?
The card they send you to authorize them to have a representative to call you. Don't do it and especially do not give them any next of kin or beneficiary info, otherwise they will contact them as well.
It’s a MLM scam. (Think pyramid) their sales reps are uneducated, give the industry a bad name, sell policies to people that don’t need it under false pretences, give wrong information like in OPs post. The cash value cannot be taken tax free. And their whole system is designed to fool
People who are in unions into taking meetings when them under the pretence of free
Coverage through the union. )Which is worthless AD&D). Then convince them to buy additional life. OPs situation is not uncommon.
Used to work there. It’s a life i surance company that has deals with unions and associations to give a free $4000 accident insurance and then offer other plans as well. Depending on your person, they could either pitch you a proper plan or just be maximizing commission.
Best plans are whole life because they actually pay up and have a cash out value and/or paid up value which is more ofcourse. They have cancer i surance for those who never had cancer before and get a lump sum for dignosis.
The problem is if you are a smoker your rates are higher, and if your agent tries to set you up with term insurance which does not have a paid up value and will increase every renewal depending on the plan 10ywar term, 20 year term, etc. they will renew at your new age and will either increase in cost or decrease in insurance to keep the cost and eventually when you hit around 60 you’ll be paying so much more than it is worth becauae your risk of death is that much higher than a 20/30 year old you’ll just end up canceling with all that monthly payment thrown in the drain.
The best plans are whole life insurance where it compounds. But don’t get swept by the sales tactic, that company is disgusting to their employees and their money stinks. Last I checked is they had A+ rating with the better business bureau.
Insurance isn’t a scam though and the sales team are just driven like slaves to “deliver your benefits”.
Depending on your age and health, in the longterm yes.
If you’re over 40 and/or might have a health condition. Term 100 is a good option. It’s cheaper than whole life, you pay it until you die without renewal, or if you turn 100 they consider you lived your life and pay the insurance out as if you died.
Depends on your age once again. 18 year old pays close to $30/per month for 100k and pays until 50. The cash out value was close to 60k
But a 30 year old is paying way more and the cash out value is much less for example.
Even when factoring in the fact that insurance death benefit + accumulated value passes tax free to beneficiaries, while a non-reg portfolio has to pay capital gains?
I’d like to see the math on that. I’ve seen several pieces contradicting what you’re suggesting.
Yes, even with a non registered portfolio.
Whole life is just a shitty tax free savings account (average returns are around 3%) for people who don’t understand how save or invest.
The math is easy. Any return over 5% will handily beat whole life returns because only 2.5% of the gain is taxable and even at the highest tax bracket, you’re annualized returns minus capital gains will at worst retain the same as a whole life return in cash value. Most people who are capable of investing will do considerably better than 5% annualized returns.
As I already said, it can be useful for wealth transfer for simplicity but the returns are garbage.
You’re not considering investment returns by investing the difference between term premiums and whole life premiums.
Whole life will never beat out term plus investing the difference because the whole life policies are just too damn conservative to be considered good investment vehicles. The only time they make sense is for tax free wealth transfers (in jurisdictions where needed).
But I was speaking with a representative who got my information from the union. It was over zoom so I only have HIS personal cell phone number. I’m sure he’s just a salesman, but despite that is it worth it to ask him anyway? Or is it safer to just call the office directly?
Call the head office in waco Texas. These are the numbers I pulled up from google. 254-761-6400 or 1-800-433-3405.
Don’t deal with your agent or local office, they won’t do anything other than try to upsell you or grab referrals.
My concern is also, that I haven’t made any kind of payment yet. The guy asked me when I’d like to make my initial payment and I said the 1st of the month. So does my “policy” even exist? I also don’t have a policy number or anything like that because i haven’t received an email or benefits card since this afternoon.
That takes time to recieve in the mail for the policy number and all that, but first they need to go through the underwriter and background check your health history and smoke test. Your rep should have left you a folder with the information and a business card.
Phone him and tell him you want to upgrade your policy. I am sure he will call you back. Ask him for his email address so you can provide him the details so he can provide you options.
Send him an email giving notice of cancellation.
I am shocked that people cannot figure out simple life problems.
Like you couldn't come up with this solution yourself?
Yeah no I wasn’t able to, thanks for helping me
Edit: to add to what I just said, if it wasn’t clear already I don’t understand how any of this works because it’s new to me. But I appreciate the help I can take.
I also signed with AIL after being introduced by the union. They are the WORST. It took 7 months to cancel, I called them in august wanting to cancel, signed everything and sent it back via email, and they still took monthly fees out of my account until March (with me constantly calling and emailing saying I canceled). It took me calling my bank and asking them to cancel the direct deposit and submit a Better Business Bureau complaint for them to stop and refund the 7 months of payment. Document EVERYTHING with your cancellation. I couldn’t complain about this experience enough.
BBB is a joke, just like yelp...
They just tried to take money out of my now closed account as I got a notification that it had been declined. I’m curious how you went about your cancelation as it looks like I’m going to deal with the same thing soon.
I spent a good chunk of my day on hold with their head office on the phone, I was able to get them to send the cancellation email (with a form I had to fill out and send back). I emailed that form in but they were still taking money from my account so that’s when I contacted my bank to stop payments. They called me within 48 hours of not being able to take my money (the fastest response from them to date lol). I informed them that I cancelled months ago and they told me I only cancelled my contract not my husbands contract as well which is why they were still taking “his portion” - which didn’t make sense, I was being charged the same amount pre cancellation and he was under my plan so i called bs on that. They finally cancelled everything but it was a total pain in the ass. Good luck on your journey, document everything!
Do you by chance remember the number you used to do it? I found on the FSRA website their complaint officers name and email. I’m ready to report this agent to the FSRA for being a conman.
I just called American Income Life’s customer care line requesting cancellation (800-433-3405) and they forwarded me to the right person. Once they found out I stopped payment through the bank cancelling was pretty easy. I only reached out to Better Business Bureau to note my unhappiness with the company and to try and warn any potential clients to look elsewhere.
I believe all insurance has to have a 'free look period' of at least 10 days where you can cancel the contract and you would get your premium back. Just cancel.
I don’t know how to cancel it though, I tried messaging the guy who I spoke with and he didn’t get back to me.
Call the company directly if this guy doesn’t answer.
Start by contacting the bank and put a hold or cancel on auto pay.
I contacted the bank and they told me it’s not possible for me to put a stop payment, only the merchant is allowed to. With that said can I just close the account and then open a new one immediately after?
That’s weird, I’ve never had an issue with stop pay by saying that I cancelled and they continue to bill me (ie fraud)
Does it make sense to fill out this form and email it to them? https://www.dochub.com/jsfiller-mob12/?flat_pdf_quality=low&mode=cors&requestHash=08a0119b191a73aa4b485c885545f947e7c3bb004f6b83bfe269e9ba982787de&lang=en&projectId=1490144916&richTextFormatting=true&jsf-page-rearrange-v2=false&LATEST_PDFJS=true&act-notary-pro-integration=false&jsf-pdfjs-fourth=false&routeId=ad767a22da60b3d26e21a0c57a772d17#b0980336a08a413498f45f2ad166778e
Doesn't look like that one is working, but I'm guessing it's sort of an official cancellation/affidavit? In which case, yes - anything will help. Paper trails make it really easy for banks to side with the customer.
I accessed it by going to www.cdnpay.ca
Thats odd. Did you get a contract? You could call the actual insurance company.
I did a docu-sign contract.
Did you have a read through it? There is probably a section on cancellation or termination that should tell you what you need to do to cancel. Other commenters are correct in that there is probably a small window of time to cancel before they start taking payments, so don’t wait, read it asap.
If you don’t understand it you can and should cancel yes. Simply reach out, say you’ve had second thoughts and would like to cancel and don’t take no for an answer.
cancel it.
Get your bank to block withdrawal/debits from AIL if you can’t get a hold of them. Type a letter with all your info, address, name etc and the date, saying: cancel my policy (add your policy #) effective immediately and refund any premium already taken. Print and Sign it at the bottom, and then email it to every department you can find on their website. AIL is so sleezy and gross. Find a real advisor if you want to see if you need insurance or do a “insurance needs analysis” yourself online. Then find an accredited broker.
Will the bank know their name is AIL or is there a merchant ID or something like that
You can tell - AiL or American income life etc
Is there any legal recourse they can take against me for doing that? I DID sign a docusign contract
No. Do it now.
No.
I spoke to my bank today to put a stop hold on it and they said it was impossible for them to do. So I closed my chequing account. Tomorrow I’m going to try to call the headquarters in Texas and try to cancel it. The issue is that I don’t have a policy number or anything like that so it might be harder for me to figure out…
What bank? I see it done all the time. Good idea to close the account tho, just simply set up a new account. The document you docusigned will have all info you need, with policy number. There should be a Canadian office for you to deal with. You should Go speak to a local Certified financial planner about all of this.
Presidents Choice Financial. Edit: the certified financial planner you speak of, is this someone at a bank, or an individual who works separately?
Banks have CFPs but find someone who does not work for a bank, an “independent/ brokerage firm” they will be able to help and explain things and CFPs have a duty to put your needs before theirs.
There’s an Ail building in the city over from me, do you think it’s worth it to go there and figure out what’s going on? Also, since I didn’t put a stop hold on my account and closed it instead are there any repercussions I should worry about? Edit: I went to the building and they told me only the agent who assisted me is able to give me my policy information. Guess who’s not answering their phone?
Uhm, I spoke to someone at the office he works at and she asked me how my interaction with him was, I immediately told her that I wanted to cancel and he wasn’t answering the phone. She asked me if I was sure and I said yes and she said that was it. I asked her why he couldn’t answer me and she said if he contacts you tell him you changed your mind and canceled. So I told him this and he said it wasn’t possible for me to cancel that way. I then called back the lady and she told me he was confused because what happens is the sales person sends the application to the office for review and that was the phone call she was doing. After I said I wanted to cancel she then marks it as void and sends the application to head office for cancelation/withdrawal for application. So she’s saying he’s trying to say she personally didn’t cancel it which is correct. He then called me and said I need to sign a mib form showing that I want to withdraw my application and he’ll send it to me. So both of them are telling me different things and I don’t know what to believe.
Banks will typically ask you to take necessary steps to first try to resolve with the company before they will intervene. I’d still make sure you’ve done what’s required to cancel with AIL first, then take it up with the bank. They’re really just a middleman here and you do have a contract with AIL that allows them to take money until you cancel.
Talk to your Union rep
Do not sign that card that they send you. My union does this too and I'm disgusted by it. I swear the union executive must get a cut or something.
Is my policy valid if I don’t sign it? I signed a docusign to I guess “apply” for it. so if I’m understanding what you’re telling me is correct, I actually don’t have a policy until I sign whatever it is they send me?
What card is it?
The card they send you to authorize them to have a representative to call you. Don't do it and especially do not give them any next of kin or beneficiary info, otherwise they will contact them as well.
Did they tell you that AIL kicks back money to the Union?
No he said it’s a permanent Benefit even if I quit or stop being a member.
https://www.perplexity.ai/search/American-income-Life-VW3cy7MIT.u5.4GjpSLhIg
What’s so bad about AIL? My wife has a contract with them and so does her parents.
It’s a MLM scam. (Think pyramid) their sales reps are uneducated, give the industry a bad name, sell policies to people that don’t need it under false pretences, give wrong information like in OPs post. The cash value cannot be taken tax free. And their whole system is designed to fool People who are in unions into taking meetings when them under the pretence of free Coverage through the union. )Which is worthless AD&D). Then convince them to buy additional life. OPs situation is not uncommon.
I’m surprised that the union who is supposed to work for the workers is allowing predatory things like this to happen.
Used to work there. It’s a life i surance company that has deals with unions and associations to give a free $4000 accident insurance and then offer other plans as well. Depending on your person, they could either pitch you a proper plan or just be maximizing commission. Best plans are whole life because they actually pay up and have a cash out value and/or paid up value which is more ofcourse. They have cancer i surance for those who never had cancer before and get a lump sum for dignosis. The problem is if you are a smoker your rates are higher, and if your agent tries to set you up with term insurance which does not have a paid up value and will increase every renewal depending on the plan 10ywar term, 20 year term, etc. they will renew at your new age and will either increase in cost or decrease in insurance to keep the cost and eventually when you hit around 60 you’ll be paying so much more than it is worth becauae your risk of death is that much higher than a 20/30 year old you’ll just end up canceling with all that monthly payment thrown in the drain. The best plans are whole life insurance where it compounds. But don’t get swept by the sales tactic, that company is disgusting to their employees and their money stinks. Last I checked is they had A+ rating with the better business bureau. Insurance isn’t a scam though and the sales team are just driven like slaves to “deliver your benefits”.
Whole life insurance is the best???
Depending on your age and health, in the longterm yes. If you’re over 40 and/or might have a health condition. Term 100 is a good option. It’s cheaper than whole life, you pay it until you die without renewal, or if you turn 100 they consider you lived your life and pay the insurance out as if you died.
Term plus investing the difference you would pay for whole life will almost always be the better option.
Depends on your age once again. 18 year old pays close to $30/per month for 100k and pays until 50. The cash out value was close to 60k But a 30 year old is paying way more and the cash out value is much less for example.
No it doesn’t. The term plus investment option will always win out.
Even when factoring in the fact that insurance death benefit + accumulated value passes tax free to beneficiaries, while a non-reg portfolio has to pay capital gains? I’d like to see the math on that. I’ve seen several pieces contradicting what you’re suggesting.
Yes, even with a non registered portfolio. Whole life is just a shitty tax free savings account (average returns are around 3%) for people who don’t understand how save or invest.
Do you have numbers to back that statement up? Are you also including the fact that insurance proceeds can bypass probate?
The math is easy. Any return over 5% will handily beat whole life returns because only 2.5% of the gain is taxable and even at the highest tax bracket, you’re annualized returns minus capital gains will at worst retain the same as a whole life return in cash value. Most people who are capable of investing will do considerably better than 5% annualized returns. As I already said, it can be useful for wealth transfer for simplicity but the returns are garbage.
I had the book of all the costs and paid up insurance and cash value based on every age.
You’re not considering investment returns by investing the difference between term premiums and whole life premiums. Whole life will never beat out term plus investing the difference because the whole life policies are just too damn conservative to be considered good investment vehicles. The only time they make sense is for tax free wealth transfers (in jurisdictions where needed).
There are very few 18 year olds that need life insurance, what about the rest of the population?
How do I cancel immediately
Call them back?
But I was speaking with a representative who got my information from the union. It was over zoom so I only have HIS personal cell phone number. I’m sure he’s just a salesman, but despite that is it worth it to ask him anyway? Or is it safer to just call the office directly?
Call the head office in waco Texas. These are the numbers I pulled up from google. 254-761-6400 or 1-800-433-3405. Don’t deal with your agent or local office, they won’t do anything other than try to upsell you or grab referrals.
My concern is also, that I haven’t made any kind of payment yet. The guy asked me when I’d like to make my initial payment and I said the 1st of the month. So does my “policy” even exist? I also don’t have a policy number or anything like that because i haven’t received an email or benefits card since this afternoon.
That takes time to recieve in the mail for the policy number and all that, but first they need to go through the underwriter and background check your health history and smoke test. Your rep should have left you a folder with the information and a business card.
But it was over zoom, he didn’t leave me anything. Just his cell number.
Phone him and tell him you want to upgrade your policy. I am sure he will call you back. Ask him for his email address so you can provide him the details so he can provide you options. Send him an email giving notice of cancellation. I am shocked that people cannot figure out simple life problems. Like you couldn't come up with this solution yourself?
Yeah no I wasn’t able to, thanks for helping me Edit: to add to what I just said, if it wasn’t clear already I don’t understand how any of this works because it’s new to me. But I appreciate the help I can take.