If you have a whole life insurance policy and you cancel the policy, your life insurance coverage ends.
In addition, you may receive a pro-rata return of some premiums paid depending on the date of cancellation and how often you pay your premiums.
For instance, if you pay your premium annually, and you cancel half way through the policy year, you would receive a return of half od the premium paid.
In addition, some whole life insurance policy may build cash value over time inside the life insurance policy.
Depending on when you started your whole life policy, you may receive cash value back from your whole life policy.
In order to find out if you have cash value, and/or if you will get a return of premiums paid, you can contact your life insurance company or life insurance agent.
Also, you can review the section in your whole life policy that explains how to notify the insurance company if you wish to cancel your life insurance policy. The insurance company may require a written request be mailed to them.
In addition, you may receive a pro-rata return of some premiums paid depending on the date of cancellation and how often you pay your premiums.
For instance, if you pay your premium annually, and you cancel half way through the policy year, you would receive a return of half od the premium paid.
In addition, some whole life insurance policy may build cash value over time inside the life insurance policy.
Depending on when you started your whole life policy, you may receive cash value back from your whole life policy.
In order to find out if you have cash value, and/or if you will get a return of premiums paid, you can contact your life insurance company or life insurance agent.
Also, you can review the section in your whole life policy that explains how to notify the insurance company if you wish to cancel your life insurance policy. The insurance company may require a written request be mailed to them.
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