What Happens If I Cancel Whole Life Insurance? 
That 's a great question ! First thing is there is no coverage for you , should something unfortunate happen to you . That would be the worst thing . If you 've had the policy for a while , there may be some cash value that could be lost , or have tax consequences , depending upon how you cancelled the policy . If it is just a matter of price , ask to reduce the coverage to an amount that is more affordable , or ask to convert to paid up insurance , and keep some coverage at no cost . If you really need money , and there is a cash value in the policy , consider taking a loan out of it before surrendering -LRB- That 's the word you want to use with your agent when you call -RRB- the policy . I would be happy to help you , if you 'd like more help . feel free to contact me , okay ? Thanks for asking ! 