That is a great question! Yes, you absolutely can. Before you do though, be certain that that is what you want to do. Ending any life insurance policy without one to replace it is risky, be sure that you have another policy to replace this one. You also may want to check with your advisor or tax attorney, if you've got a significant cash value in the policy, there may be tax implications that you will need to be aware of first, so that you don't get surprised at tax time. I hope that helps, thanks for asking!
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You certainly have the option of cashing out your Universal Life insurance policy however before you do, just as previously answered, it is best to identify your intent. If your need is to access the cash value for a short term purpose, you have the options of taking a loan against the policy, partially surrendering the policy, and using your funds earmarked for future premiums (and allowing the policy's cash value to cover the monthly deductions).
If your ultimate goal is to liquidate the policy for other cash needs or if you simply no longer need or can afford your life insurance policy, you ought to speak to your insurance adviser about a transaction called a "Life Settlement".
A life settlement is a transaction where qualified insureds and policy owners may "sell" their policy to a third party investor for cash. In exchange, the investor or purchaser, is receiving all ownership and beneficial rights under the policy. In all life settlement transactions, the the seller (You, as the policy owner) obtains a larger offer than the insurance policy's cash value.
Never lapse or surrender your life insurance policy without first considering a life settlement! You may be leaving money on the table, which could better fund your needs!
Please feel free to contact me with any questions!
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If your ultimate goal is to liquidate the policy for other cash needs or if you simply no longer need or can afford your life insurance policy, you ought to speak to your insurance adviser about a transaction called a "Life Settlement".
A life settlement is a transaction where qualified insureds and policy owners may "sell" their policy to a third party investor for cash. In exchange, the investor or purchaser, is receiving all ownership and beneficial rights under the policy. In all life settlement transactions, the the seller (You, as the policy owner) obtains a larger offer than the insurance policy's cash value.
Never lapse or surrender your life insurance policy without first considering a life settlement! You may be leaving money on the table, which could better fund your needs!
Please feel free to contact me with any questions!