Getting Out of Universal Life

Q: Do you have any advice for my mother who has already bought two universal life insurance policies? Is there anyway she can get out of them and preserve her cash?

A: You can get out of them. You will want to look at the cash surrender value and compare that to how much you put in. That will tell you the ‘penalty’ for surrendering it. If you didn’t put a large up-front payment into it then surrendering it will probably just result in losing most of the premiums you’ve paid. You can compare that to the cost of term insurance to get an idea of how long it would take you to make up the difference.

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