Coverage ends. If you wish to reinstate it, you must reapply to the insurer and be re-underwritten inder current inderwriting guidelines.
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.
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.
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 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.
It is worth whatever the net surrender cash value is, which is cash value minus the surrender charge.
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.
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
"Cash surrender value" also known as "cash value" or "policyowner's equity value" is the monetary amount an insurance company will give the policyholder or annuity holder if the policy is voluntarily terminated before maturity or before the insurable event happens, (ex. death, disability).
the insurance company pays the insured the cash value that has accumulated in the 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.
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