Cash Surrender Value of Life Insurance

The cash surrender value of a life insurance policy is the amount of money your insurance carrier will pay out in the event you submit a request to surrender and cancel your contract prior to the death of the insured or the maturity date of the life insurance policy. Permanent life insurance products such as Universal Life and Whole Life (not Term Life) have a cash savings account component where any value not used to cover cost of insurance charges will accumulate and accrue interest and thus will have a cash surrender value accessible to a policy owner.…

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