While it is possible to cancel a term life insurance policy and receive a refund of the premiums paid, it is important to understand that this is not the same as getting your money back from the policy. The death benefit paid out by a term life insurance policy is tax-free, meaning the beneficiaries will not have to pay taxes on the money they receive.
However, the premiums paid into the policy are not tax-deductible, which means that the policyholder will not be able to get their money back in the form of a tax refund. In addition, if the policyholder dies before the end of the term, the beneficiaries will not receive anything beyond the death benefit. For these reasons, purchasing a term life insurance policy is generally not advisable to get your money back.