Can you cash out a life insurance policy on yourself?

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asked Oct 20, 2019 in Insurance by Lanesamuel (470 points)
Can you cash out a life insurance policy on yourself?

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answered Oct 21, 2019 by Bdog2 (3,910 points)
Some life insurance policies do allow you to cash out the life insurance policy on yourself before you die.

However not all life insurance policies allow the living person to cash the life insurance policy out on themselves and will only allow the family or beneficiary to cash out the life insurance policy on you once you die.

That is to pay for your funeral and other final expenses that you may leave behind.

If you have term life insurance and you're still living at the end of the term life insurance then you can usually get back all the money that you put into the monthly payments of the life insurance policy.

Then you can spend the money as you wish and even prepay for your funeral expenses so that your wishes will be carried out like you want too.

You would have to read in your life insurance policy terms and conditions or speak directly with your own life insurance company to find out exactly and for sure if your own life insurance policy can be cashed out on yourself through them.

It can vary from insurance company to insurance company.

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