|
Step 1: Find out exactly what kind/type of policy it is you have. Until you do, no one can help you.
Without knowing anything about your policy there's nothing useful you can gain from what anyone says about your particular situation.
It should not be hard to discern what it is that you are insured for if you have your hands on the contract in whole. Tell your dad that if you're paying for something (even if he reimburses you in cash) you should still have a copy of whatever it is you are paying for and understand what it is you are throwing down money for.
If you do terminate your policy it most likely would not pay out the face value amount that you are insured for, but it will pay out the cash surrender value that your policy has accumulated over the years.
And even that has variations.
It's much harder to explain this when the product you are buying is intangible. It'd be like asking Revscene: "My dad's leased a car for me but I don't want to pay for it anymore. How do I go about disposing it and taking the value back from the sold vehicle."
Well, without knowing the terms and what type of car it is or condition on what your dad has signed to we can't tell you squat about it's value and what your options are.
|