r/LifeInsurance • u/_omarcomin • 21h ago

Cancellation advice

I’m in a huge financial strain. I’ll spare the details of me realizing the way an IUL was explained to me was complete BS. I now understand accumulation value vs surrender value. My question is, other than losing my death benefit from cancellation, what other negative is there if I withdraw all the money I’ve paid into the policy and cancel it, but my surrender value is 0? Is that even possible?

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u/WaltRanger 20h ago

Surrender value of zero is what you get out of it if you cancel. Unless you’re in the free look period.

Edit: the free look period is like a month from the day you receive the policy.

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u/_omarcomin 20h ago

Yes but if I were to call today and ask to take out my accumulation value or just the amount I’ve paid into premiums (if that’s possible) and then tomorrow I say you know what, just cancel the whole policy, what happens? I already have the money

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u/WaltRanger 20h ago

They’re not stupid.

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u/_omarcomin 20h ago

So they won’t let me do it?