Cash Out on My Whole Life Policy?

[hossola]

I have a whole life policy that I have been paying into for 23 years. I want to pull money out of it if possible. I dont care about it anymore and wouldnt mind cancelling the policy or even continuing to pay into it so long as I can pull from it.
I do not want to pay back what I take from it.

How should I go about this?

thanks much,
Rob

 

[Newby]

I have a whole life policy that I have been paying into for 23 years. I want to pull money out of it if possible. I dont care about it anymore and wouldnt mind cancelling the policy or even continuing to pay into it so long as I can pull from it.
I do not want to pay back what I take from it.

How should I go about this?

thanks much,
Rob

If you are getting back less than you paid in premiums, you can cash surrender it and there will not be taxes owed.

You should talk to your agent. You may have some other options that are more attractive.

 

[DS4]

How much is the annual premium?
How much does the cash value increase each year?
I sold myself a $25,000 whole life policy in 1978.
The annual premium is $258.00
Each year now, the cash value increases $375.

 

[WinoBlues]

If the policy pays Dividends. You maybe able to take just dividends and the policy would remain intact. And/or take a part loan and do a reduced paid up, to keep a small amount of paid up coverage.

Newby is right on, talk to your agent. Unless you have not heard from him. Then ask family and friends to recommend a couple of trusted agents to you. Authorize them to review what you have. There are some good agents here from all over the country. Many are licenced in multiple states.

By the way, after twenty 23 years, You have some options. And sounds like cash when you needed it.