How Do You Surrender A Paid Up Whole Life Insurance Policy?
If you’re trying to get all your financial affairs in order and find that you have quite a few smaller insurance policies but don’t need them all, you might consider cashing in the paid-up whole life insurance policies. Occasionally, it’s one place to get money quickly without unnecessary hassle. If you have no other coverage, it’s important to take a good look at the value of the insurance before you surrender it. Surrender also has tax ramifications that you don’t have if it’s paid as a death claim. You can surrender whole life policies if you follow the steps. Find the company. If the company that issued the policy had a name change, went out of business or merged with another company, you may not find the address listed anywhere. The State Insurance Commissioner’s office can help you track down older defunct companies. Even if the company is out of business, most states require that other companies pick up their policies and make the owners whole. Call the company on the phone or w
