What does cash surrender mean in relation to life insurance?
What does cash surrender mean in relation to life insurance?
I read some previous questions on here and they talked about whole life policies. Is it different for Limited Pay Whole life or is it the same?
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2 Responses
2.1.2010
Best Answer – Chosen by Voters Cash surrender is the value you'd receive if you surrendered (cancelled) your policy.A word of advice is to take the advice on here with a grain of salt. One of the biggest answerers about whole life policies never sold one to truly understand how they work.Bottom line is if you need insurance for your whole life then a cash value policy is the only way to accomplish that.
2.1.2010
Hi there Cash surrender Value in a policy is the amount you get when you surrender the policy meaning the total value if you where to cash out of your policy. Or you can take out a loan but you could not take out the total value and they will charge you interest. Which can come out of the death benefit. Called a wash loan. I hope this answered your question. Source(s): I'm a licensed Life and helth Agent in NV and CA and have been for 6 years now.