How Do You Get Rid Of Whole Life Insurance? 
If you really just want to `` get rid of '' a whole life policy all you have to do is stop paying the premiums ... It will `` go away '' , -LRB- lapse -RRB- . If it 's a policy that is fully paid for then you will need to contact the insurer or your agent and make certain arrangements . A whole life policy that is paid for , and those that are not yet fully paid for will have a cash `` surrender '' value that you 'll probably want to receive . Although I really ca n't imagine why anyone would want to `` get rid of '' their whole life policy ! 