Can A Term Life Insurance Policy Be Cashed Out?
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNNo unfortunately there is no cash value built up to "cash out". Term life insurance is essentially "renting" coverage for a specific period of time such as covering a mortgage. The permanent or cash value plans such as whole life or universal life insurance builds cash value through "owning" the insurance plan and can be "cashed out" among a lot of other options.Answered on August 19, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaProbably your term policy cannot be cashed out. There are term life policies that do develop a small amount of cash value; however, these policies often have restrictions as to when and how the policy can be surrendered for cash. If you want cash value in your life insurance program then speak to a licensed life insurance agent about permanent life insurance.Answered on August 19, 2014flag this answer
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