In most whole life insurance plans, the cash value is guaranteed, but it can only be surrendered when the policy is canceled. Policyholders may borrow or withdraw a portion of their cash value for current use.
Can you cash out a universal life insurance policy?
Can I withdraw money from Universal Life Insurance Policies? Yes, this is possible. A policy owner of universal life insurance has the ability to access their cash in the form of either a life insurance loan, life settlement, or viatical settlement.
What happens when you surrender a universal life policy?
If you have a universal life insurance policy, you will usually get a refund of your premiums minus any fees or charges.
Do I get money back if I cancel my universal life insurance?
Your universal life cash surrender value is the current cash value of your policy less any surrender charges. And, if you've had the policy for 10-15 years, the surrender fees typically go away. Or in either case, you can contact your financial representative or life insurance company for current cash surrender value.