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New York Life Insurance question..?

My grandma purchased new york life insurance whenever I was young - once i turned 16 years old I took over and paid the amount. I am now 20 years old and the insurance policy agreement was only for 20 years. I am now not interested in keeping the new york life insurance. What happens if I do not agree to a new policy.. Where does my money go.. Can I get any of my money that I paid into it for 20 years? 20 Year Level Term

Public Comments

1. That depends on what kind of policy it is: whole life, term, "universal life"? You don't provide the specifics.
2. She bought a 20 year level term on a kid? Somebody recommend a ridiculous policy for you. If it's term you can just stop paying and it'll go away. You won't get anything back because you didn't die.
3. Not unless there is a return of premium rider (and I don't think those were around 20 years ago). With term, it goes into a black hole and you get nothing back
4. *GiRl*, Life insurance covers lots of different things. Since I live in Connecticut I'm not familiar with the New York regulations, so I recommend you visit a local insurance agent. http://www.goodinternetdeals.com/Life-Insurance.html They should be able to assist you.