What Is The Cash Value Of My Life Insurance Policy?
3998 POINTSview profileMatt BenoreFounder, DenverWest Insurance Professionals, Inc.,Cash value in a life insurance policy is the money which is in excess of the cost of insurance and other internal costs. This money is typically growing with an interest rate which is declared as a guaranteed minimum and a current rate. There is also a surrender value which means if you were to cancel the policy, that money is what will be returned to you. It may be different than the cash value as there are surrender charges especially during the first 10-15 years of the policy depending on the company and product.Answered on January 25, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.To find the cash value of your life insurance policy, you can contact your agent, or the insurance company through which your policy was purchased, to order a "current illustration". That report will show the amount of cash value in your policy at this point in time. You can also order an illustration to show what your cash value will be in the future.Answered on January 26, 2014flag this answer
5877 POINTSview profileStan Cox IIInsurance Adviser - Broker, SC Insurance Services, Oahu, HawaiiIf you have a Term policy the cash value is Zero. Nadda. Zilch. If you have a Universal policy or a WHole Life policy it will depend on how long you've had the policy, how much you've paid into it, and if your insurance provider pays dividends to you - how well the companies investments have performed. As Peggy mentioned you can ask your agent for the current cash value of your policy, or you can request an "In Force Illustration" from the insurance company. But you SHOULD be receiving an annual report that should tell you what the current cash value is and the current face value benefit is.Answered on October 30, 2015flag this answer
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