Surrendering Your Policy: Policy Implications
It can be tempting to tap into the cash value of a life insurance policy that has been accumulating for many years. However, unlike normal investment accounts, accessing life insurance cash value is not a straightforward process. There are three ways to access your cash value: surrender, policy loan, or a secured loan. Each method has implications that should be fully understood as they can have a serious impact on your tax bill.
Over this series of articles, we will look at defining these methods as well as exploring their implications.
Previously we looked at the tax implications of surrendering your policy to tap into the cash value. What about the policy implications?
Policy Implications
Once a policy is surrendered the owner loses their entitlement to any death benefits under that policy. It is important that policy owners do an in-depth analysis of their insurance situation to determine if it is worth losing the death benefit. Another consideration is what the policy owner’s health is like at the time of surrender. Individuals in poor health or with medical conditions that would hinder them from acquiring new insurance should think twice before cashing out their policy.
It is always best to consult a professional before making any decisions regarding your policies cash value. Not only are there tax implications that need to be considered, additional income can affect government benefits and should therefore be taken strategically.
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