Canceling Whole Life Insurance
You will need to provide them with written notice of cancellation, and you may also be required to submit a copy of your death certificate. Once the insurance company receives your cancellation notice, they will process it and send you a check for your policy's cash value.
Do I get money back if I cancel my life insurance?
Do You Get Your Money Back If You Cancel Your Term Life Insurance Policy? Unless you've purchased a Return Of Premium Term Life Insurance Policy, you will not get your money back at the end of the term or at any time you cancel the policy. Selling the term policy may be an option.
Does whole life have a surrender charge?
In the first few years of holding a whole life policy, you may not be able to cash it out at all. And if you do, you can be charged 10% or more of the cash value in fees. After ten or more years of holding the policy the surrender fees often go down to 1% or may not be charged at all.