Cash surrender value is the amount that you will be able to withdraw from your life insurance policy if you decide to cancel the policy. You will be able to take the money that is available in your cash surrender value as long as you are not already covered by another life insurance policy.
If you want to know more about cash surrender value, then read on:
What is cash surrender value?
Cash surrender value is the money that you will be able to withdraw from your life insurance policy if you decide to cancel the policy.
Why is it important to know cash surrender value?
There are certain reasons why you need to know the cash surrender value of your life insurance policy. If you have any reason to cancel the policy, then you need to have some money available to cover the expenses and to pay off your debts.
How to calculate cash surrender value?
You can calculate the cash surrender value of your life insurance policy by following the simple steps:
1: Get your current life insurance policy
If you don’t know your current life insurance policy then you can easily find it by visiting your insurance company. You can also check your policy online.
2: Calculate the cash surrender value
After getting your policy, you need to calculate the cash surrender value of your life insurance policy. To do so, you need to subtract the sum insured from the cash value.
3: Determine the amount of money that you can withdraw from the policy
Once you have calculated the cash surrender value, then you can determine the amount of money that you will be able to withdraw from the policy. If you are covered under a whole life insurance policy, then you will be able to withdraw the whole amount from the policy.
4: Calculate how much money will be available in your policy
Now that you know the cash surrender value, you can calculate how much money you will be able to withdraw from the policy. You can also determine how much money you will be able to withdraw if you are covered by a universal life insurance policy.
Conclusion:
I hope that this post about “Life Insurance Cash Surrender Value – What is it?” will help you to calculate the cash surrender value of your life insurance policy.