How Do You Get Out Of A Universal Life Insurance Policy? 
You can get out of a universal life insurance policy at any time , although if you have substantial cash value , you may want to wait until after the surrender period . With term life , you can simply quit paying on the policy to cancel it , but that is not recommended with universal life . If you set up your UL policy so that the cash value will pay your premium , your policy will not end if you quit paying the premium ; it will simply drag out until the cash value is used up . Rather , call your agent or the insurance company to get your options , which could include rolling your cash value over to a new policy so that you do not have to pay taxes on it . 