Do you get money back if you cancel whole life insurance?

Generally, there are no penalties to be paid. If you have a whole life policy, you may receive a check for the cash value of the policy, but a term policy will not provide any significant payout.

What life insurance policy gives you money back?

What Is Return of Premium (ROP) Term? A ROP term life insurance policy provides a death benefit in the event that you pass away, but also offers a refund on paid premiums if you outlive the term of your policy. Because of this added benefit, ROP life insurance can cost more than a regular term life insurance policy.

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