Can I Cancel My Life Insurance Policy and Get My Money Back?

Thinking about cancelling your life insurance policy? You’re not alone — but the key question is: will you get your money back? Here’s what you need to know.

1. Term Life Insurance: Money-Back? Usually Not

If you’ve purchased a standard Term Life Insurance policy, it’s built to provide pure protection, not savings.

✅ You can cancel anytime.
🚫 But you typically won’t receive a refund, unless it’s within the initial “free look” period (usually the first 10–30 days).

2. Whole Life & Permanent Policies: Possible Cash Value

If you own a Whole Life or another permanent life insurance policy, there’s good news:

💰 These policies build cash value over time.
✔️ You may be able to surrender the policy and receive part (or all) of that amount.

But be careful — surrender fees and taxes can reduce what you get back.

3. Return of Premium Term: Get All Your Money Back

If you’ve purchased a Return of Premium (ROP) Term Life policy, and you outlive the term:

🎉 You may receive 100% of your premiums back, tax-free.
This option costs more up front — but pays off if you don’t need the death benefit.

So, Can You Cancel and Get Your Money Back?

Here’s a quick breakdown:

Want the Best Refund-Eligible Life Policy?

👉 Fill out the short form below to compare quotes from multiple top-rated carriers — instantly.

✔️ Instant pricing from trusted insurers
✔️ Coverage from just $10/month
✔️ Many plans with cash value options
✔️ See if ROP or Whole Life is right for you

📩 Start now and lock in the right protection — or refund — for your future.