How to Withdraw Money From Life Insurance Policy (Cashing Out Your Life Insurance)
How to Withdraw Money From Life Insurance Policy (Cashing Out Your Life Insurance)
How to Withdraw Money From Life Insurance Policy (Cashing Out Your Life Insurance). In this video, we’re going to talk about how to withdraw money from a life insurance policy.
By surrendering your life insurance policy
Surrendering your life insurance policy will be like cancelling the policy, and your beneficiaries will have nothing to benefit from after your death.
Taking a loan from the insurance policy
As an active member of this specific life insurance policy, you can take a loan and use your policy as collateral.
Making a partial withdrawal from the insurance policy
This is also another great way to withdraw money from life insurance policy, as you will only withdraw the amount of cash you need from your policy without cancelling the entire policy.
By making use of the policy’s dividends
Since you are part of this life insurance company, you are expected to receive dividends a couple of times a year, depending on when the company usually releases dividends to its members. You can wait until you receive your life insurance policy dividends and withdraw the cash.
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