Can You Cash In A Universal Life Insurance Policy?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   You can cash in your universal life insurance, provided it's not guaranteed universal life insurance. The other policy types are current assumption, indexed and variable universal life. Keep in mind that all these policy types have surrender charges and that any gain in the contract will be taxed as ordinary income.

   Answered on August 3, 2013

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   Peggy Mace

   Most of the U.S.

   Yes, you can cash in a universal life policy. Discuss the ramifications of your decision with your agent, first. If you do cash it in, you can roll the cash value over into a new permanent policy without paying taxes on the cash. To cash it in, you call the company through which it was issued.

   Answered on August 3, 2013

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