The full surrender value of a life insurance policy is the amount of money an insurance company will pay to the life insurance policyholder or annuity holder in the event his or her policy is voluntarily terminated (ended by the insured) before its maturity or the insured event occurs.
This cash value is the savings component of most permanent life insurance policies, particularly whole life insurance policies. Also known as "cash value", "surrender value" and "policyholder's equity".
There is usually no surrender value in a term life insurance policy. Term life insurance plans have a death benefit which pays out the proceeds of the life insurance policy to the beneficiary of the insured person dies.
This cash value is the savings component of most permanent life insurance policies, particularly whole life insurance policies. Also known as "cash value", "surrender value" and "policyholder's equity".
There is usually no surrender value in a term life insurance policy. Term life insurance plans have a death benefit which pays out the proceeds of the life insurance policy to the beneficiary of the insured person dies.
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