Can You Cash Out A Life Insurance Policy?

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   David Osgood

   Agent, Rural Mutual Insurance Co., Union Grove, WI

   Only if the policy has a cash value would it be possible to have a policy with the potential to cash out. Depending on the amount of time and the initial premium that initiated the policy will make a difference in the amount of caah value potential. Some carriers or policies may have fees involved with the cash out of the policy and you may also inccur some tax ramifications if you cash out a life insurance policy also. Please confir with a local tax accountant to find out about potential tax considenrations.

   Answered on June 5, 2013

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