How Do You Get Rid Of Whole Life Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.Unless it is a very new policy, or if you have borrowed heavily from it, Whole Life Insurance will have a cash value. Therefore, you will have some choices in how you want to "get rid of it". You might choose to keep it with a reduced face amount and not pay any more premiums. You might want to take the cash value, or roll the cash value over into another policy. Contact the agent who sold you your policy to determine your best choice. If that agent is no longer in business, you can contact the insurance company or another agent for assistance.Answered on August 4, 2014flag this answer
11783 POINTSContact Meview profileLarry GilmorePROAgent Owner, Gilmore Insurance Services, Marysville, Washington StateHow do you get rid of a whole life policy? Simply put your desire in writing and sign and date when you wish for the policy to end. Submit it to the insurance company if you don't have an agent. That said, please make sure you have thought your decision through. This is something you can't undo later.Answered on August 8, 2014+01+1 this answer
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5877 POINTSview profileStan Cox IIInsurance Adviser - Broker, SC Insurance Services, Oahu, HawaiiIf you really just want to "get rid of" a whole life policy all you have to do is stop paying the premiums... It will "go away", (lapse). If it's a policy that is fully paid for then you will need to contact the insurer or your agent and make certain arrangements. A whole life policy that is paid for, and those that are not yet fully paid for will have a cash "surrender" value that you'll probably want to receive. Although I really can't imagine why anyone would want to "get rid of" their whole life policy!Answered on July 2, 2015flag this answer
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