What is a surrender value within a universal life policy?
The surrender value is the difference between the account value and the surrender charge less any indebtedness. This is the value that you would receive if you were to surrender your policy. What is surrendering a policy? Surrendering a policy is when a person wishes to cancel their coverage or requests to obtain the full surrender value of their policy. You may surrender your policy by completing a Multipurpose Service Request form (L-2777) for the state of New York and returning it (along with the original policy) to our Administrative Office for processing. If you are unable to locate your original policy, please indicate this on the form. Once the Multipurpose Service Request form is received in our office, the normal processing time is five to seven business days before the notification and any surrender value is mailed. What is a surrender charge? This is a charge that is assessed against your policy if it is cancelled within the early years. A detailed table is included in your
