Can I Cancel Universal Life Policy Before Maturity?

Q: My father had Universal Life Insurance with AIG for 12 years. He bought it in 1995 and the marturity year is 2052. We are recently faced with heavy financial difficulty. I was wondering if we can cancel the policy before the maturity date and recover at least a portion of the money?

A: When you surrender a policy, you receive the cash surrender value. You may also have the ability to borrow from the policies cash value. I suggest calling the agent/company to find out the specific options for that policy.

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