I have a whole life policy for ten years how could i get out of it and get something back?

Question

ty all no i dont need the money just that iam not getting intrest

Answer 1

YOu cancel the policy to get out of it, and get the surrender value back.

Answer 2

you will never be told this! you have enough cash value to carry the premium for 35 years...ask the company to set it up that way!

Answer 3

Read the policy.  There will be a cash surrender value table in it.  After only 10 years, it probably won't be much, however.

Answer 4

tis why whole life sucks...

term  think term

Answer 5

Call your agent and ask for a current illustration. It will show you the cash value and the surrender value. You should be past the point where you will loose money but you can also stop payments and let the cash value buy a paid up policy.

Answer 6

NEVER NEVER  cancel a whole life policy   See Company Agent..

You never cash in a whole life policy after 10 years.   You do not get much back if you cash in.   Look in the policy and there is a schedule of the plan and what it would be worth after 10 years.  It is a chart and have to look at it and read...

You don't need the cash -- never sell...  Whole life -- means you pay till your are dead -- your whole life... Later on the policy will be worth more than the face value...

Or if there are dividends it can be converted to a paid up policy--don't have to make the payments...paid for...

I have cancer and no one will sell me a policy.  Keep that in mind...  Besides there should be medical payments if your sick.  Contact the company agent in your town...

Answer 7

i would jus keep the policy like good gryl said  depending on your age you im sure if you cancel it now you will pay way more when your old enough to know and understand what you have now

Answer 8

Second answer is most correct. The comment "but after 10 years" there won't be much money in it will totally depend on whether or not the policy is participating (i.e. paying dividends), if dividends were actually declared, and how you chose to have them paid. You could have chosen an option to have them earn money in an interest bearing account, so this would be at your disposal as well.

But true, call the company and have them run an in-force illustration and see what the cash value in the policy is.

My question you though ... why would you want to cancel a permanent policy you've had for 10 years?? Are you in need of cash? Do you have a family? I would seriously consider my individual situation before cancelling a policy. Keep in mind if you want insurance again, you start over, are 10 years older and will be paying a higher rate for life insurance based on your new mortality risk. Also, consider if you have any conditions that would make you uninsurable.

If these don't apply and you just want the cash, good luck and hope you don't get sick later and need insurance.