no
Cash Value:The savings portion of a life policy. When your premium payments are more than the cost of insurance, the excess goes into a cash value account and draws interest. Surrender Value:What your insurance company will actually pay you if you drop your life insurance policy. Third party life settlement companies usually pay much more.Typically it is called "Net Cash Surrender Value". This is the amount of cash value in the policy accumulation account minus any outstanding loans etc. But it is typically referred to as "Net surrender Value" or "Net Cash Surrender Value". Get a good agent and he can explain.
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.
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 take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
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.
Typically it is called "Net Cash Surrender Value". This is the amount of cash value in the policy accumulation account minus any outstanding loans etc. But it is typically referred to as "Net surrender Value" or "Net Cash Surrender Value". Get a good agent and he can explain.
Face value typically refers to the death benefit of the policy (i.e. how much your family would receive if you were to die). Cash surrender value is the amount of money that has accumulated (tax deferred) inside the policy and is the amount of money the owner would receive (before taxes) if s/he were to cancel the policy. Cash surrender value is different from plain old "cash value" or "accumulated value" in that most insurance policies have surrender charges for 10 to 20 years that reduce the total "cash value" or "accumulated value" down to the cash SURRENDER value.
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.
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.
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 take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
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.
You will receive the cash value minus the surrender charges, not the face value of the policy.
Cash value loans will allow you to keep the policy in force and preserve coverage (sometimes for a lower benefit amount). If you decide to cash out the surrender value instead, your policy will lapse and you lose the life insurance protection.
It is worth whatever the net surrender cash value is, which is cash value minus the surrender charge.
I assume you are asking that if you take a cash loan, withdrawal or surrender your policy for the cash value, will the money you receive be taxable? On a loan no, never. On a Surrender or withdrwal, only the cash that exceeds the amount of premiums you paid. Before surrendering a policy, check and see if you can get an offer from a life settlement. It usually is worth more than the cash value.
Contact your insurance company and get the surrender value from them. There is no way to figure an amount in a format such as this.