Can you cash in a life insurance policy?

Answer 1

If you are not working with an agent for the company that issued the policy, you need to locate one. An agent can effectively explain what your options are.

What you can change about the policy, and if any changes are possible depends on what you want to change, and who you are in relation to the policy. The owner may be able to change the beneficiary. The owner may be able to change the type of policy (typically called a "conversion" if the policy permits it). The contract may allow other changes. But it's a complex legal document. Find an agent to explain what you've got and what options are available.

Answer 2

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.

Answer 3

If the policy is one of whole life, you can get a policy loan of at least a portion of the cash value. You may also be able to return it to the insurer and recover its "surrender value". Finally, you may be able to sell it to a life settlement company. You must be very careful as to the latter, however. as there are many fraudulent companies that prey on sick, elderly, and poor.

Answer 4

I'm not sure what you are asking? If you are referring to either a dispute with the policy being fraudulent or you are questioning the death claim, you have a few options:

1. You can contact your State Insurance Department. Tell them what your concern is and they will give you some direction or open a formal inquiry for you.
2. You can contact The Center for Life Insurance Disputes. They are an alternative to filing a formal lawsuit. They will evaluate your dispute and help you.
3. You can contact a local attorney who specializes in life insurance litigation.

Depending on your circumstances you likely have several options to explore.

Answer 5

Yes, they can.