How Do I Cancel My Whole Life Insurance? 
You can cancel by calling the carrier . It 's ashame to cancel , since that defeats the purpose of a `` whole life '' policy . Be sure to you 're aware of the implications . For example , there may be surrender charges or tax implications if you have a `` participating '' policy -LRB- in which you receive shares of the company 's operating profits -RRB- . You may have cash value in your policy from which you could borrow money -LRB- maybe that would enable you to KEEP your policy -RRB- . Bottom line : if you cancel , ask about the implications of your particular policy . 