What is cash surrender value in sunlife

The cash surrender value is the amount you would receive if you cancel (or surrender) your policy. It's made up of the values in your policy, less any surrender charge, loans and market value adjustments that may apply. See surrender charges on page 16.

What does it mean to surrender the cash value in a life insurance policy?

Surrendering a life insurance policy means canceling the policy and receiving its surrender value, which is the cash value minus any surrender fees. If you go this route, the coverage ends. Your beneficiaries will not receive a death benefit when you die.

What does total cash surrender value mean?

Cash surrender value refers to the actual amount of money you receive when you cancel—or surrender—your life insurance policy or annuity, minus surrender fees or any funds needed to pay off loans or unpaid premiums. In the case of annuities, it may be called the annuity surrender value.

What is the difference between cash value and surrender value of life insurance?

The difference between cash value and surrender value is that cash value is the amount saved in the policy, and cash surrender value is how much you'll get if you cancel the policy, less any outstanding debts and surrender charges.

What does cash value mean in a life insurance policy?

Cash value is a savings component typically included in permanent life insurance policies. Depending on your particular policy, the cash value can grow at a fixed or variable interest rate over time. You can borrow against your policy's cash value in the form of a life insurance loan.