Hi Mike,
There are three parties to a life insurance plan:
- The insured (you)
- The person paying the premiums (company)
- The beneficiaries who will benefit should something happen to you
Whilst the second and third person can be the same, this is not always the case. In fact, when companies pay for their employee's life insurance, the beneficiary is usually the employee's family members or whomever is
nominated by the employee. The company usually enters into this (i.e. buying insurance as part of a package rather than individually for each employee) because it is easier and cheaper for the company (as well as tax incentives). But the company generally does not become the beneficiary of the insurance policy.
Hence, you need to figure out
who is the beneficiary of the policy. To do this, you can
contact the insurer and ask for a copy of the insurance policy agreement. You can also request a copy of your own agreement (which the company is paying for). From those agreements, you can figure out (i) who the beneficiary is and (ii) exactly what benefits the company would be getting should you pass.
Figure out what is going on first before taking offence to something that might actually benefit your family.
If you still want the plan cancelled, the best place to start would be talking with the insurer and requesting for the plan to be cancelled.