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what is the current cash surrender value of a whole life insurance policy?

Is this the amount I would get after I cancel a policy? My policy shows this amount minus loans asnd interest and plus dividends and go-rider cash values. I can no longer afford the premiums. I just need to know that if a stated cash value is the amount i would get. In my case that is $17,000.

Public Comments

1. Yes, less cancellation fee.
2. It depends on the face value amount of the the life insurance policy and the number of years you have paid premiums on the policy.
3. You are correct. If you've had the policy for awhile you may no longer have a surrender fee. The most accurate way to get this information is your insurance agent.
4. Yes, the current cash surrender value is the amount you would get if you forfeit your policy. This is different than the total cash value in your case because you have a loan. Note to other agents: The surrender charge in a whole life policy is the difference between the cash value and the interpolated value. The interpolated value is almost never shown on a statement or inforce illustration.
5. the cash surrender value is the amount you would receive if you cancel coverage. Some options available to you: 1. If you still need coverage, you may be able to 1035 the cash value into a new policy at a lower cost. 2. If age 65 or older, you may be able to sell the policy for more than the cash surrender value via a life settlement.
6. Find out if you can lower the premiums first. Note to Lifeinsuranceagent: Selling your life insurance policy is NOT a good idea. It is currently being reviewed for tax consideration. Almost every major insurance company out there now has a team specifically working on STOPPING that practice.