If I cancelled a life insurance policy I have been paying into for 7 years would I get money back?

Question

If I cancelled a life insurance policy I have been paying into for 7 years would I get money back?

Answer 1

You will receive the "cash surrender value" of the policy, what ever that is.  This could mean you get something back whether it is term or permanent, but it will depend on your policy.  It may be $0 for all any of us know.

Answer 2

With Term Insurance it works just like your home and auto insurance. You don't get anything back on that do you? Unfortunately, if you had cash value which is more expensive and not recommended. You will get cash back, but you will also probably have a surrender charge for doing this. When I have worked with clients that came to me with cash value  in the past I have been able to get around that charge from their old agent.

Answer 3

Depends!  What kind of policy??  How long you had it,and if it built  cash value.. Usually term insurance , gives you  high insurance amounts, but  no cash value.. When you drop it, its over and you get nothing.. You  received the coverage for the term you had it..If  on the other hand , whatever kind of life insurance you had , built  a cash  value,, then you would get money back on whatever "cash value"  has accrued during the seven years you have held it.. If your policy is 'whole life', then you got a winner.. Because all whole life policies build cash value...  Key word here is "cash value..  One thing else ,there ARE policies  which state when you open them,, after a prescribed time, like  5,10,15years, you  get all your money back,, if you  go the distance.. But usually  those are accidental  death  policies..Hope this helps!!       SOLOMON

Answer 4

Answer:  If it is a term plan; No.  

                If it is a Whole Life or cash value plan; Yes.

Answer 5

Just like everyone else has said, if it is a whole life policy... IF there is a surrender value on it, you will get that back. Don't expect it to be much after only seven years...

If it's a term, you will get nothing back.

Why do so many people expect to get their money back if they wish to cancel their life insurance policies? Even on term policies. Their argument is "Well, I didn't die and no benefit was paid out, shouldn't I get my money back?" Um... no! That is how a life insurance company makes money in order to pay out death benefits. Insurance is a GAMBLE.

Answer 6

If it's a term policy...no.

If it's a whole life, universal life, or variable life.....yes......but you won't get ALL of your money back. On these policies, part of your premium goes toward the actual life insurance and part of it goes in as an investment. You will only get the investment part plus interest earned(which was probably only4%-5%...barely enough to keep pace with inflation).

Answer 7

If this is any type of whole life- yes. You will get the surrender value listed in your policy as stated for year seven.