Whether you can cancel an insurance policy and receive a refund depends heavily on when you cancel and the type of policy you hold. Most jurisdictions and insurance contracts provide a cooling-off period—typically ranging from ten to thirty days after purchase—during which you can cancel for a full refund of any premiums paid. If you cancel later in the policy term, you may be entitled to a partial refund of unearned prepaid premiums for short-term lines, though permanent life insurance policies may yield a cash surrender value instead.
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