The surrender value of your life insurance policy is the amount of money you can walk away with if you cancel your policy today and cash surrender it.
With whole-life insurance, the surrender value is guaranteed to always go up each year. It will never decrease as long as you are paying your scheduled premiums. There won't usually be any surrender value during the first two or three policy years.
The surrender value of a life insurance policy is the amount that you would get from the insurance company if you decided to drop the policy before it matures or before death occurs. It is the amount of savings that built up in your policy, minus any surrender charges (surrender charges occur during the early years of the policy). The surrender value can be rolled over into a new policy or taken as cash.
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With whole-life insurance, the surrender value is guaranteed to always go up each year. It will never decrease as long as you are paying your scheduled premiums. There won't usually be any surrender value during the first two or three policy years.