If you closely go through your permanent life insurance policy, you will come across terms that sound similar, but mean different.
The list can include terms like cash value, face value, cash surrender value, account value, surrender cost, etc. The differences between these terms can be small but when pulling money out of your policy, they can make a huge difference.
The cash and the surrender value of your permanent life insurance policy are not the same. Let us see where the differences lie and how they matter when you cancel your policy early. Read more