What Happens To Life Insurance When You Cancel?

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   Ted Ratliff

   Owner, SFS Associates,

   If the policy has cash value you would have the option of cashing the policy in for the surrender value of the policy, you can do nothing and the cash value will buy extended term insurance keeping the death benefit in force until the cash value is used up, or you can take a reduced paid up policy for whatever the cash value will buy.  If you have term insurance the death benefit simply goes away.

   Answered on May 10, 2013

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