Can You Cancel Universal Life Insurance?

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   David RacichPRO

   Fountain Hills, Arizona

   The owner of a universal life insurance policy can cancel the contract by filling out the surrender form of the issuing life insurance company. Be advised the coverage will also cease on the surrender date. If the universal life insurance policy has cash values, any gain in the contract or received by policy loans  and/or internal policy loans will result in an ordinary income taxable event.
     

   Answered on June 10, 2013

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