Hi kkton19,

There are two options, but these options varies for different insurance company.

1) Surrender the policy and get back whatever you have paid together with dividends if applicable.

2) With HLA MLTA you can keep the policy until you purchase a new house and there are two main reason why you should do this:
* insurance premium rate rises according to age. This means if you buy a new MLTA after you bought a new house lets say, next year, the premium will be more expensive.
* HLA's MLTA doesn't have a fix term, that means, you do not have to worry about until when the policy is going to cover you as long as you pay for the premium.

Having said that, I'm only be able to speak on the basis of MLTA feature from HLA. for transferability of your MLTA and its surrender value you'll need to check with your agent.

Hope the above helps! :-)