life insurance cancellation

[linsturnok]

What is the name of your state (only U.S. law)? PA.
My husband has a life insurance policy for a million dollars and we pay approximately $130 a month. It has been in existance for 8yrs..If we were to cancel it, would we get any money back in return?

 

[justalayman]

that would depend on what type of policy it is but at that price, I suspect it is a simple term policy. As such, there would be no refund as that type of policy does not accrue any value. It is simply a purchase plan.

If it is a whole life policy, you would need to speak to your agent to determine if it has accrued any value by now.

 

[Betty]

I don't know the age of your husband but only $130.00 a month for a $1,000,000 policy does sound like a term policy. If so, there would be no refund as the previous responder noted.

As we don't know for sure just exactly what type of policy this is, your best bet is to call your ins. agt. or the ins. co. & ask if there is any cash value ("refund") available on termination/cancellation. Even if this is a whole life policy, don't expect a large cash value since the premium paid was only $130 a mo. & the policy has only been in force for 8 years.