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If you surrender it you are in effect canceling the policy. They will issue you a check for the cash value in the insurance and you will no longer have the protection. Alternatives? Maybe take a loan on the cash value which you would have to pay back. If you are over 52 you should look into selling the policy as you will get more than the cash value. I can help you with that. In any case I caution you on losing a policy like this, consider carefully. 4LifeGuild

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โˆ™ 2008-04-01 10:49:38
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23 cards

If you were laid off and apply for insurance coverage on your wife's group policy do you have to answer a medical questionnaire

How many grams of cholesterol should you eat each day to maintain a healthy diet

What would cause a fluttering inside the ear canal

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Q: If I surrender a universal life insurance policy what happens?
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Related questions

What are insurance policy surrender charges?

The insurance policy surrender charges vary from policy to policy. While surrender charges against ulip policies are much on the higher side, whereas the same is low in endowment policies. You can visit the Insurance Company's webiste for a glimpse of the various charges.


What are the benefits of universal life insurance and what are the possible drawbacks of this type of policy?

What are the benefits of universal life insurance, and what are the possible drawbacks of this type of policy


How do you find out the cash surrender value of a physicians life insurance policy?

There is generally not a special form used for a life insurance policy issued to a physician. That said, if you are concerned with the cash surrender value, a whole life insurance policy (rather than a term life insurance policy) is implicated. The cash surrender value changes (usually increases) as the policy matures. The amount of the cash surrender value is shown on a schedule on the declarations page of the policy. The declarations page is one of the first pages of the policy which identifies the insured, the policy number, the amount of policy benefits and other information.


Can you surrender a life insurance policy?

yes, we can surrender a life insurance policy. If we surrender the policy means we can surrender by its cashvalue. If we surrender for the entire cashvalue then it is called full surrender. If we surrender for a part of its cash value then it is called partial surrender. Any way the cash value gets reduced. It effects the face amount. so the face amount also gets reduced. Hence no of units gets reduced.


What kind of life insurance policy offers the option to surrender the insurance and regain some of the cost of the policy?

Term Life Insurance


Can variable universal life insurance be converted into a fixed account?

Variable universal life insurance is not an account. It is a policy that invests in separate accounts in an attempt to earn higher returns than a fixed policy. A variable universal life insurance policy can be converted into a different type of life insurance policy but not a different kind of account.


What does it mean to surrender a life insurance policy?

It means you want to cancel the policy. If there is cash value in the policy, surrender charges will be deducted from the cash value and you will get the remaining balance.


What is cash surrender insurance policy mean?

The value accrued at the time of surrender of the policy is called cash surrender value of the policy. Generally, before completion of three year period, no life policy can be surredered and hence question of cash surrender values does not arise.


If you are taken off your insurance policy do you have to surrender your license?

no because you will get another insurance


Where can I download the form to surrender life insurance policy?

I want to to download a form to surrender my life insurance policy. Where do I find this form. It is through Reassure America Life.


Is it best to borrow or surrender the cash value in a universal policy?

That depends on whether or not you wish to continue having the life insurance in force at the insured's death. If you wish to have the life insurance in force at death, then it is best to borrow some of the cash value. If you surrender the policy, then you receive all the remaining cash value (less any surrender charges), but the death benefit is no longer there. Also the cash value received MAY be taxable.


is $241 a month too much for a $200,000 universal life insurance policy?

Is $241 a month too much to pay for a $200,000 universal life insurance policy?


How can one determine the cash surrender value of a life insurance policy?

The best way to determine the cash surrender value of a life insurance policy is to talk to the local insurance agent or call the insurance company direct. This can make the premiums go up however.


What does it cost to borrow from a variable universal life insurance policy?

the interest rate is stipulated in writing in the life insurance policy


If a life insurance policy owner dies what happens to the policy?

if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.


What is a universal life insurance policy?

A universal life insurance policy is a cash value type of life insurance policy. With universal life insurance, you policy may build up cash values over time, similar to a whole life policy, but typically less expensive than whole life insurance. Another feature of some universal life insurance policies is called a "no lapse guarantee" With this feature, as long as you pay your premiums, the policy is guaranteed to last to age 100 and beyond depending on the specific carrier you choose. Compare this to a whole life insurance policy where the premium requirements may vary and depend on how dividends and interest rates perform.


How do you cancel my SBLI insurance?

I would like to surrender my polocy and collect the policy dividends


Is a flexible premium multifunded life insurance an annuity?

Its a Universal life insurance Policy.


How do you determine the value of an old burial insurance policy from Southern Bankers Insurance Company?

You could submit a claim but that usually means dying first. Short of dying, you could surrender the policy for its surrender value. The surrender value depends on many things but it starts a zero when the policy is bought and grows to the face amount as the policy ages. The hardcopy of the policy should show a face amount but will likely also include a schedule for the surrender value. If the hardcopy of the policy can't be located, a call to the company is in order.


Cash Value of whole life insurance?

Cash value of whole life insurance is referred to as the "Cash Surrender Value". The cash surrender value is money the policyholder is supposed to receive from the insurance company when surrendering the whole life insurance policy with cash value. The cash surrender value amount due is the sum of the cash value stated in the whole life insurance policy minus any surrender charge and any outstanding loans and interest due on the loans.


How can I surrender a life insurance policy that my deceased mother has been paying for on me?

You can contact the life insurance policy and request the necessary forms that you will need to fill out and send back to the insurance company in order to surrender the policy. You may want to ask how much the cash value is that you will receive from the policy upon surrendering the coverage.


Can life insurance policy be reinstated after surrender?

The surrender (voluntary termination) of a life insurance policy involves the payment by the insurer, prior to the death of the insured, of the accumulated cash value of a whole life policy. The cash value is the "savings element" of a whole life policy. Upon surrender, the insurer pays the accumulated cash value less any surrender charges specified in the policy. Reinstatement of the same policy is generally not available after surrender. Instead, the insured must reapply for coverage and meet then-prevailing underwriting standards for his/her current age and health status.


What happens to the life ins policy upon retirement. The birth date needs to be corrected. Policy holder is Village of Deerfield.?

On maturity, you are to surrender the origial policy bond to the insurance company for payment. If you still away from your maturity date, you can apply for correction of birth date with agree proof before the insurance company.


Can you cancel insurance?

What kind of insurance? Life? Yes, you can simply stop paying. If it is a cash value policy you can surrender it.


What are the advantages of a life insurance settlement?

The main advantage of a life insurance settlement is that instead of a life insurance "surrender", (which sometimes happens if the owner can no longer afford the premiums),the owner of the policy can sell the policy to a third party and in turn receive "some" money from it. The person selling will definitely get less than the policy is worth, but more than if they completely gave it up.