If I cancel my husband's life insurance policy would I likely get any cash back?
He can get a $150,000 policy through his work, so we no longer need a separate policy.
Answers | 2
Also, if it is a permanent plan with cash accumulating, then the same applies: a simple cancellation makes the policy go away and there is not cash back.
1) group insurance is only good for 1 year, with no certainty if it will be available next year, nor do you know at what cost.
2) You are likely paying for any amount over $50,000; at least getting taxed on the economic benefit with group insurance.
3) depending on the type of life insurance, if there has been any change in health since issued and the age of the insured there could be a benefit received by giving up the ownership of the policy. There may also be other options over surrendering it to the carrier. You should talk to an independent advisor specializing in life policy reviews. Feel free to contact me through my profile.