What Is Cashing Out A Life Insurance Policy?

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    Peggy MacePRO
    Most of the U.S.
    When most people talk about cashing out a life insurance policy, they are talking about surrendering the policy for the cash value available, paying no more premiums, and terminating the policy so that a death benefit will no longer be paid when death occurs. In contract, a cash loan can be taken from a cash value life insurance policy, and if paid back with interest, the policy's death benefit will stay in effect.
    Answered on September 27, 2013
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