insurance question help?

I know that with the insurance company that I work for if the policy has been in affect for 20 years 100% of all premiums paid will be returned if cancelled.

formula: amount of prem X 12 X # of years.

ie: 15 X 12 X 31

180 X 31 = 5580

you need to contact the company that wrote the policy. My guess is that it is term life insurance. Which means it does not gain cash value and if you surrender you get nothing. I would call the company and ask them exactly what you want to know. Most life insurance companies are very helpful.

Call the company and as them or order an in force illustration. There may or may not be cash or surrender values, depending on what type of insurance it is.

Your mother is probably the owner of this policy. Have her call the company and ask what the Cash Value is and what it takes to cash that in.

Next, go talk to a licenses insurance agent in your area to ask about what coverage you and your mother need.

first of all you have to find out if this is a cash value policy and the intrest it has accrued, second you do not want to cahs a policy like this out chances are it would be hard to find the same product , next why not loan the money out of the policy that way you have no tax to paay on the portion that earned intrest, leave 20 still in the policy that way it stays inforce and if your financial picture should improve you can keep paying on the policy. best thing unless you are in need of the money keep the policy.

I suggest you call the company. There is probably an 800 numer on the bill.

To surrender it . takes only a few days to get the cash. Are you sure you want to cash it in???

There's probably no surrender value on it, but you'd have to call the company to be sure.

At that premium, it's probably a $500 burial policy.

Companies that buy existing policies?

The amount that you will get, when you cancel the policy for any reason.