I’ve been paying for years for life insurance that has a cash value. Can I borrow that cash value or surrender the contract to get at that money?

Borrowing and policy surrender are available. Borrowing or partial surrendering would be the one choice because the death benefit stays in effect (minus the amount borrowed), but this is a loan that must eventually be repaid. If repayment is unlikely, they’re probably better off surrendering the policy for the cash. Ideally, they should discuss this with the agent who sold them the policy, or with an agent you are comfortable with. Always find out all of the available options before doing anything.

Our Melbourne Health Insurance Agency is centrally located in Brevard County, enabling us to locally serve Viera, Cocoa Beach and Palm Bay.

Questions And Answers about Florida Insurance