Potentially advanced premiums may be returned to you. For instance, if you pay for a full year ahead of time, but you want to cancel the policy after just a few months. This would be considered a pro-rata refund of premiums paid in advance.
But, some life insurance companies don't refund those insurance premiums.
In addition, if you bought a return of premium term life insurance policy you may get some money back if you outlive the term of your life insurance coverage.
For instance, if you have a 5 year return of premium term life policy and outlive the 5 years, you would get most of the premiums back that you had paid for the life insurance coverage.
Also, most life insurance companpolicies will return the premium you have paid if you cancel the life insurance policy within the first 15 to 30 days of buying the coverage.
Otherwise, you get no money back when you cancel a term life insurance policy.
However, you should review the cancellation terms in your policy, and discuss any return of premium with your agent or life insurance company before canceling your policy.
But, some life insurance companies don't refund those insurance premiums.
In addition, if you bought a return of premium term life insurance policy you may get some money back if you outlive the term of your life insurance coverage.
For instance, if you have a 5 year return of premium term life policy and outlive the 5 years, you would get most of the premiums back that you had paid for the life insurance coverage.
Also, most life insurance companpolicies will return the premium you have paid if you cancel the life insurance policy within the first 15 to 30 days of buying the coverage.
Otherwise, you get no money back when you cancel a term life insurance policy.
However, you should review the cancellation terms in your policy, and discuss any return of premium with your agent or life insurance company before canceling your policy.
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