In most states, there is an initial cancellation period. During this period, you can cancel your funeral policy for a full refund within a certain time frame, usually between 3 and 30 days. After the cancellation period passes, your ability to cancel will depend on whether the policy is revocable or irrevocable. With a revocable policy, you can cancel the plan at any time to receive the cash value of the policy. With an irrevocable policy, you cannot cancel the plan. If you opt to cancel a revocable funeral trust, the amount of your refund will vary from state to state.