Cancellation of policy

[rumrunner]

What is the name of your state? MA

My wife and I have a NY Life whole life policy we started last year. Our next premium is due in April, 2005. We pay yearly. We only paid once, a total of nearly $7,000.

We want to cancel the policy. We don't have the $$ to fund it anymore and will be changing to a term policy with another company. Will we get any of our initial premium back and/or will we be responsible for any further costs?

Thanks for your advice.

 

[Dandy Don]

This is something you need to be discussing with the agent who sold you the policy or by talking to the company directly.

 

[rumrunner]

Thanks

I was just hoping to get some idea as to what I might be in store for. I haven't been in touch with my agent yet.