Does anyone know about surrendering Variable life insurance?

Question

I payed in full about 20 years ago for variable life insurance through prudential. I woudls like to surrender it now and its worth 80,000, I only purchased it for 50,000. Can anyone give me any information about how much the fees are going to be and how much I would actully get back if I surrened it.

thasnks

Answer 1

You are beyond the point where there are surrender charges. You will get back 100% of the cash value. You will owe taxes  on $30K (the amount of the money over what you paid in.)