Short answer
It depends on your policy. Some plans offer a paid-up or reduced-cover option that stops further premiums while keeping a smaller benefit, and surrendering returns the surrender value, which is often below what you paid in the early years. Check your policy contract and ask your insurer before you stop paying.
The options your policy may offer
- Keep paying: the plan continues as illustrated.
- Paid-up or reduced cover: premiums stop and the benefit is smaller, if your policy offers it.
- Surrender: the plan ends and you receive the surrender value.
What is available, and the figures, are in your policy contract and in a written quotation from your insurer.
Do not just stop paying
Stopping payments without choosing an option can have consequences that are set out in your policy. Ask first, and get the figures in writing.
See the numbers
The surrender value calculator shows what surrendering would cost, and the surrender question lists what to ask.