Question
What is the name of your state? MA
My wife and I have a NY Life whole life policy we started last year. Our next premium is due in April, 2005. We pay yearly. We only paid once, a total of nearly $7,000.
We want to cancel the policy. We don't have the $$ to fund it anymore and will be changing to a term policy with another company. Will we get any of our initial premium back and/or will we be responsible for any further costs?
Thanks for your advice.
Answer
This is something you need to be discussing with the agent who sold you the policy or by talking to the company directly.
Answer
I was just hoping to get some idea as to what I might be in store for. I haven't been in touch with my agent yet.