I am canceling my colonial peen life insurance do i get my money back that i paid every year?

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farrah200049

I am canceling my colonial peen life insurance do i get my money back that i paid every year?

Michael M

You will get the cash surrender value. If it is the typical guaranteed, level premium whole life insurance policy that they usually sell, then you should be able to look on your original policy and see what the cash value is. You can call them up and tell them you want to cancel the policy for that cash value.

The rest of the premiums went to pay for the life insurance death benefit protection that you had over the years. You don't get that back. The risk protection that the life insurance company provided is like any other service that you pay money for.

jffrywad

depends on type you took out.

Term life insurance covers the insured for what is usually a relatively short period of time. All of the money from the premium is used to pay for the insurance itself. Therefore, at the end of each term, the policy must be renewed. The policy does not accrue equity for the insured.

The cash value policy: The cash Value portion of the policy is invested in a savings account. Accordingly, value accrues in the policy over time. This portion of the money paid by the insured was originally intended to pay insurance premiums in retirement.

Ed Atun

No. If it is a whole life insurance policy you will get a portion of what you paid. Maybe 40%.
If it is term, you get nothing..

Chris C

If it's term you get nothing back.

If you have a whole life policy you may get some money back from the cash value, but this typically only amounts to 3-4% of the money you put in (unless it's a universal life policy that has done well with it's investments)

Check you policy book or statements and it should explain if there are cash values or not

Insurance Pickle.com

It's like cancelling a gym membership. It was there while you had it, but you don't get anything when you cancel.

If it was a cash value policy you might get a little something back, but don't expect much.

eric c

I wish you could, cause i would too... but no : /

â˜¼AstrologerJuliAnneâ˜¼

nope.

rodders

life insurance is paid out on death.

Jack K

No ... die and you'll get some ... but not by cancelling

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