If it is a plan with cash value, you will receive the surrender value provided the policy has completed the lock-in period. You can obtain the surrender value of your policy from your insurance provider.Your life cover will cease to exist, and your family will no longer receive the benefits of life insurance if anything regrettable happens.If you cancel your policy during the free-look period, you will get a refund of your premium minus the stamp duty and medical expenses incurred by your insurer.