How to get rid of Whole Life Insurance

[aashusharma1]

Hi All,

Looking for some advice on a mistake I made, buying a whole life policy! I have had this policy for an year now and I have now decided to cancel it but :

—what’s the best way to recover the most of the premium paid in the last year, around 7k?
—Will a 1035 exchange help me recover all of this amount or just the cash value accrued?
—If I go the 1035 route, what should I exchange it for VA, term life etc are the common options I have heard of? (I already have a term insurance)
—And if I end up losing it all (7k in premium)does it still make sense to cancel the policy?

TIA

[JoJo]

What are the surrender charges on the policy, that determines your surrender value.

You can 1035, but it's also the surrender value so it won't let you recover any more going that route.

[Polaria]

What does the insurance policy state about surrender?

[aashusharma1]

The surrender value is some $1450.

[JoJo]

You are lucky it is something.  Some policies have no surrender value in the first few years.