The terms of a life insurance agreement imply the payment of an insurance premium not only in the event of the insured’s decease but also in the event of his attainment of a certain age; then the insured (or other beneficiary) is paid the insurance coverage for the survival risk.
In addition to all the benefits that a client of an insurance company receives when concluding a life insurance contract, there is another benefit, a tax deduction for insurance premiums. Therefore, the waiver of policy is never a smart option. Thus, before terminating the contract with the insurer, it is necessary to spend time assessing possible losses.
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