Can You Cash Out a Term Life Insurance Policy

Canadian Lic25 Feb, 2025Finance

Term life insurance policies generally don't provide a cash value or payout unless the insured person dies during the term covered. Rather, the term is the temporary protection compared to whole life. There are some policies, nevertheless, with a "return of premium" option, where one gets back the premiums paid if the policyholder survives the term. The terms must be reviewed thoroughly to understand what policy options are available for your consideration and talk to an insurance expert. Many more are in depth on our blog about cashing in a term life insurance policy.