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A whole life policy can be cashed in. Simply contact the broker or insurance company to request a "surrender" of the contract.
However, it's important to understand ramifications of this type of transaction, including tax consequences and the future purchase of permanent coverage which may result in a much higher premium.
As long as the policy has accumulated cash value you can surrender the policy for the amount of cash value in the policy. At that point the policy becomes null and void. You can take a loan on the policy without losing the insurance. If you simply need cash but also need insurance, this would be a much better option.
Whole Life Insurance Policies be cashed in by surrendering the policy. Be advised that surrender of a policy terminates the death benefit coverage and could expose the gain in the contract to ordinary income taxes at your effective tax bracket. Be advised that if you’re receiving Social Security the gain from the life insurance will be included in the provision income test for taxation of benefits.
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However, it's important to understand ramifications of this type of transaction, including tax consequences and the future purchase of permanent coverage which may result in a much higher premium.