To find out how much cash value is in your life insurance policy, you can order a current illustration from your agent, or directly from the life insurance company from which your policy is issued.
If you want to literally get the cash value from your life insurance policy, you can borrow from your policy, or you could surrender your policy. Taking a loan against your policy will keep the death benefit intact, as long as you follow the guidelines. If you surrender your policy, you will get all the available cash value, but you will also lose your death benefit protection.
It is always a good idea to cover the options with a qualified agent in taking this step. Even if your original agent is no longer around, you can enlist another agent to explain your options and help you avoid some costly mistakes.
President, Lane Independent Agency, Southern California
There are a few ways to get your money from whole Life. Of course, you can surrender your policy and get its full cash value, but then you would have no life insurance, so this is not recommended. You can borrow against your policy and later pay it back. Or you could borrow against it, never pay it back, keep the money tax free, but lower your death benefit by that amount. A capable agent can review with you all the options and also the best policies to buy to give you these options. New York Life even provides a way of retiring on a pension, with your life insurance policy. Gary Lane, Agent, New York Life, 949 797 2424. Please Call me. Thank you.
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If you want to literally get the cash value from your life insurance policy, you can borrow from your policy, or you could surrender your policy. Taking a loan against your policy will keep the death benefit intact, as long as you follow the guidelines. If you surrender your policy, you will get all the available cash value, but you will also lose your death benefit protection.
It is always a good idea to cover the options with a qualified agent in taking this step. Even if your original agent is no longer around, you can enlist another agent to explain your options and help you avoid some costly mistakes.