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	<title>New answer on: When To Surrender Life Insurance?</title>

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		<title>By: Gary Lane</title>

		<link>https://insurancelibrary.com/life-insurance/when-to-surrender-life-insurance</link>

		<dc:creator>Gary Lane</dc:creator>

		<pubDate>Tue, 26 Nov 2013 17:18:49 +0000</pubDate>

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		<description><![CDATA[Few good reasons to surrender a life policy. My own personal doctor did just that, and how he has no life insurance. He said he does not need it because he has so much money. But if he were to lose that money, his family would get nothing upon his death. Not a wise move. When surrendered, a whole life policy has cash surrender value which you would get, but if you need that money, New York Life allows you to borrow against that money and keep it tax free.]]></description>

		

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		<title>By: Samuel Smith</title>

		<link>https://insurancelibrary.com/life-insurance/when-to-surrender-life-insurance</link>

		<dc:creator>Samuel Smith</dc:creator>

		<pubDate>Tue, 26 Nov 2013 09:49:39 +0000</pubDate>

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		<description><![CDATA[Why would you want to &quot;surrender life insurance&quot;. I am assuming that your life insurance policy is an individual policy that you purchased years ago and has &quot;cash value&quot;. It has nothing to do with a &quot;retirement plan&quot; so the IRS has no control over the policy as they do with a &quot;retirement plan&quot;. There are many things you can do with the life insurance policy to make it continue to not only provide a &quot;death benefit&quot; but you can also use it to generate additional sources of income, you could change the beneficiary to your children therefore the death benefits would pass to them by &quot;contract law&quot; and you can even use it to provide a source of &quot;non-taxable long term care benefits by converting it to a Private Pension Act qualified plan. While you can certainly surrender the policy and pay the tax consequences when you do I hope you realize their are many ways you can continue to make that policy help you to reach financial goals.]]></description>

		

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