Can I Cash Out My Life Insurance Policy?

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   David RacichPRO

   Fountain Hills, Arizona

   If you have cash in your life insurance policy, you have permanent cash value life insurance. You cash out or surrender the policy for its monetary values. If you do be advised that you also are terminating your death benefit coverage and you may have an ordinary income taxable event for any gain in the policy at its surrender.
    

   Answered on June 1, 2013

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