That is a great question. Why Cancel Whole Life Insurance?
I suppose the only reason I would cancel such a policy is because I found a policy which better meets my needs.
If the whole life policy has been in force for a few years or more, you need to take into consideration what the cash value is, are you insurable (needed if you were to get a different policy), if you have any loans out on the cash value which may make the policy NOT transferable. These are just a few of the issues that would be discussed or at least looked at.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
There are only a very few reasons why one may want to cancel a Whole Life policy. One reasonable reason is in the case of replacing a policy with a better one, such as a policy from a non-participating stock company to a Mutual company that pays dividends to policy holders. Another reason might be in the case where the insured has no beneficiary or desire to leave a legacy to anyone and needs the cash value of the policy now.
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I suppose the only reason I would cancel such a policy is because I found a policy which better meets my needs.
If the whole life policy has been in force for a few years or more, you need to take into consideration what the cash value is, are you insurable (needed if you were to get a different policy), if you have any loans out on the cash value which may make the policy NOT transferable. These are just a few of the issues that would be discussed or at least looked at.