There are a couple of ways to approach canceling your permanent life insurance policy, both with different outcomes. The simplest approach is to surrender your policy to the insurer. This method results in being paid the cash value of your policy, minus any fees. The other option is to sell your policy on the market. If successful, this will transfer full ownership of the policy to the buyer, for whatever price is agreed upon. Some insurers may help sell your policy if you choose this route, but that is not always the case. In both cases, you lose access to the policy and its benefits or payouts afterward. Consult with your certified financial planner of insurance agent to learn more about your options.