How can I cancel a life insurance policy that I am not the owner, but the insured?

Question

Make a long story short, I was engaged.. she took a policy through AIG.. her mother is the agent. We are no longer together. I called aig and they told me the the policy owner (ex-fiance) has to release it. Or talk to the agent about how to do it (her mom)?

I asked her to cancel it and she said, "you live a lifestyle that benefits me to have this."

I really don't feel comfortable with her having this policy that is in excess of 250,000$

Answer 1

The policy could never have been issued unless you gave your concurrence.

Answer 2

Nothing you can do.  You do not own it and do not pay the premiums.  The only role that you play is as the insured.

Sorry.  But hey, why does that even bother you?  My wife has a $250,000 policy on me, also through AIG.  If we split and she kept up on the payments, i really wouldn't care.

Answer 3

Too bad. Sorry.  You can't cancel it.  

Once you give permission, to have that policy issued, and someone else owns it, that's it.  You can't change your mind later on.

It's irrevocable.  

Maybe you want to change the lifestyle??

Answer 4

Man that is a cold blooded quote.  Ouch.  

Given that you consented to this policy and there was obviously insurable interest at the time it was taken out there is nothing you can really do.  You don't own the policy, you ex-fiancee does.  

You'll just have to get her back by living a really long time and not allowing her to profit from your death.  I have a feeling that she will eventually get tired of paying the premiums.