General Agent/ Agency Manager, Bastie & Associates Insurance Services, FL
Yes, you can cancel a whole life policy. If the policy has a reserve value when the payments are discontinued, you may elect to receive a cash value payment or receive paid-up life insurance for a reduced face amount. You may also borrow against your whole life policy. I would suggest you read your policy in full before making any decisions and talk to your agent to go over any options you have.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
Well, yes, you can. Speak to your insurance professional about the pros and cons of cancelling before you decide, however. Keep in mind that depending on the contract, if by surrendering the policy you receive any cash proceeds that may have built up in the policy while it was in force, this could trigger a taxable event. That is why it is a good idea to speak with your professional agent and weigh you options carefully before choosing the course that best suits your needs.
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