Cancel Whole Life Insurance at Life

Cancel Whole Life Insurance. Insuree has the liberty to terminate or cancel the life insurance policy by stopping payments or contacting the insurance company about the plans to remove; Since permanent policies have an investment component, canceling is a little more complicated.

Now that i have the term policy in place i was going to stop the whole life. However, it’s probably not the best choice in the log run. 1 to cancel a term life policy, all you have to do is stop paying your premiums, however, the process for canceling a whole life policy can be a bit more involved.

ColonialPenn_Rates_F_age_70_Whole_Life

While life insurance for your whole life may sound appealing, keep in mind: The gist of the conversation goes something like “i already paid the premium and if i cancel i won't get that money back, so. Canceling your term policy couldn’t be easier: Depending on state laws, how long you've had the policy, and specific terms in your policy, there may be conditions you must meet before you are able to cancel it (such as meeting the minimum surrender period).