However, you may have to pay steep surrender fees of as much as 7% or 8%, depending on how long you’ve held your policy, and you’ll no longer have the policy in place. Surrender: You can surrender your policy to your insurance company at any time and withdraw the total cash value of your life insurance.Your policy will remain in force, however, and you won’t usually have to pay taxes on what you withdraw, as long as you don’t take out more than you have contributed. Withdrawal: You can take out the cash value of your life insurance policy at any time, but you may suffer the consequences of a reduced death benefit.
There are a number of ways that you can access the cash value in your life insurance, including the following: Investing for Everyone How Can I Use My Life Insurance Cash Value?
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