If for any reason your circumstances change over time, such as no longer being able to afford your cover, or inheritance tax no longer being a concern.. You might decide to stop paying your premium before you die. Which normally means you get nothing back.
With a savings option – Provided you’ve had your policy for 15 years and consistently paid it, you are guaranteed money back if you cancel or stop paying your policy.
This option costs an extra 10% on your premium and must be included when you take out your policy – It cannot be added at a later date.
Your options are – Receive a reduced lump sum on death, or you can take an immediate cash payment.