Can You Cancel Life Insurance?
345 POINTSview profileKurt JacksonRetirement Income Strategist, KJ Financial, Liberty, MissouriIf you have a term life policy you can notify the company that you want to cancel it. If you have a whole life or universal life insurance policy with a cash value if you cancel it you could be entitled to the amount in the cash value less any surrender charge. I suggest you call the life insurance company's customer service line and ask them for your options.Answered on May 9, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! You can, but I would advise you to think about why you want to first. There can be some consequences to cancelling your policy without another one in place, especially if you were to pass away. There would be no coverage for your final expenses. If it is a matter of cost, you can ask for reduced, or paid up coverage, and thus lower or eliminate your payments, and still have coverage. It may be difficult to get coverage at a lower or equal price, especially if you have aged significantly, or had issues with your health since the policy was purchased. If you would like to discuss this further, please contact me, I'd be happy to make time to walk you through your decision. Thanks for asking!Answered on May 9, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Yes, you can cancel life insurance. There is no contractual obligation to keep it, although, as the other agents described so well, there can be negative consequences to cancelling it. The only person who can cancel the policy is the policy owner (not even the insured person, unless he/she is also the owner).Answered on May 9, 2014flag this answer
4249 POINTSview profileGary LanePresident, Lane Independent Agency, Southern CaliforniaYes you can cancel your life insurance. However, if it is term insurance (also called temporary) it will be money lost and no policy will remain. With whole life or permanent, you may stop paying but continue the policy from the equity you may have accumulated. Or borrow against that equity, never having to repay it, keeping it tax free, while the policy remains in effect. But yes, even here, if it is what you want, you could cancel the whole life policy, getting the cash surrender value to keep, but it would be taxable and your policy would be ended. Thank you. GARY LANEAnswered on May 9, 2014flag this answer
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