What Happens When You Cancel A Life Insurance Policy?

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    Peggy MacePRO
    Most of the U.S.
    When you cancel a life insurance policy, you no longer have life insurance. If you have a permanent policy and cancel the policy during the first years of the policy, a surrender charge will be deducted from the cash value you receive, and you most likely will not receive any cash value at all. However, you will not owe money to pay the surrender charge. Term life insurance does not have any surrender charges because there is no cash value.
    Answered on October 8, 2013
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