SURRENDERING A LIFE insurance policy entails terminating the contract before its maturity date and cashing in the accumulated cash value. While this may seem like an attractive option in times of financial strain or changing circumstances, it is essential to weigh the consequences carefully.
Surrendering a policy typically incurs penalties and may result in significant loss of accumulated value. For instance, if a traditional policy is surrendered in the first year, the policyholder gets back nothing.
If the policy is surrendered in the second year, only 30% of the premium paid is returned to the policyholder. The policyholder gets back 50% of the premium paid from the fourth year to the seventh year. From the end of the ninth policy year, the policyholder gets back 90% of the annualised premium paid.
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