What Happens If I Cancel Whole Life Insurance? 
What happens when you cancel whole life insurance ? In addition to loosing your coverage there may be tax consequences on the cash surrender value . Check before you do surrender to avoid any surprises . Before you cancel the policy you should explore other options with your agent . There could be other ways to accomplish your financial planning objective . Perhaps a policy loan , a policy change , or a reduction to name a few . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community . 