What Happens When You Cancel Universal Life Insurance? 
The procedure for surrendering a universal life policy is similar to surrendering a whole life policy in that both policies have cash value . There is a table of non-forfeiture provisions that should be inside your policy . These will tell you how much guaranteed paid-up insurance you could have , or how long a term policy would remain in force . Additionally it will give you the amount of money available if you decide to surrender the policy . 