Do you get money back if you cancel life insurance?

+1 vote
asked Mar 17, 2019 in Insurance by Jac267 (230 points)
Do you get money back if you cancel life insurance?

1 Answer

0 votes
answered Mar 17, 2019 by lesiaxesia (400 points)
Whether you get money back on a canceled life insurance policy will be determined on what kind of life insurance policy you have.

There are basically two types of life insurance policies and those are whole life insurance policies with a cash value and term life insurance with no cash value.

If you have the whole life insurance policy and have enough cash value built up in the policy then yes you usually get money back paid into the whole life insurance policy.

If the life insurance is a term life insurance policy then no you cannot and will not get any money back when you cancel the life insurance policy.

Term Life Insurance policies only pay out to the person upon death of the person who the life insurance policy was taken out on.

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