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Things to Consider Before Surrendering a Whole Life Insurance Policy

Things to Consider Before Surrendering a Whole Life Insurance Policy

If you have a whole life insurance policy, you probably know that whole life is, like its name implies, life insurance that offers coverage for your whole life. You probably also know that as a permanent type of life insurance, whole life insurance also typically builds cash value. If you have a whole life insurance policy in place, you may have originally purchased it for its whole life coverage and to use as an investment tool for its cash value. But maybe you currently find yourself in a different life situation – maybe you don’t need coverage anymore, you can’t afford the premiums anymore, or you simply need the funds from the cash value. Whatever your circumstances, you’re wondering how to surrender your whole life insurance policy. Here’s a quick rundown.

If you want to surrender a whole life insurance policy, DoughRoller notes that “you have to actually call your insurance company to cancel the policy,” (which is unlike a term policy that only requires you to stop paying your premiums).1 DoughRoller goes on to note that surrendering your policy might be your best option if you’ve found much cheaper term insurance or if you don’t need life insurance anymore. 1 DoughRoller also tells us that you can get your cash value back if your policy has been in place long enough, but “this doesn’t come without fees,” 1 and you will have to contact your insurance company to determine what those fees would be.

Before you surrender your whole life insurance policy, it’s important to consider why you want to surrender it and if that is the best decision for you. When you surrender your policy, you are no longer covered if the inevitable happens. One consideration may be the cash value portion of your policy, rather than surrendering the full coverage. 

The bottom line is you should consider your circumstances and alternatives before surrendering your whole life insurance policy, and surrendering your policy may come with fees or taxes. If you need assistance, seek a financial advisor or speak with a licensed insurance agent about your options and what the best course of action would be for you.

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Sources:
1 DoughRoller, When to Cash In a Life Insurance Policy, 2020