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Surrender request (332 CAN)

Surrender request (332 CAN) 2025

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The document is a surrender request form for a policy with The Canada Life Assurance Company. It outlines the process and considerations for surrendering a policy, including alternatives like policy loans, potential tax implications, and the need for consent from beneficiaries or assignees. It also provides instructions for payment options and requires personal information from the policy owner(s) for processing.

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2020	4.8 Satisfied (24 Votes)
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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How much will I receive if I surrender my life insurance policy?

Contact your insurance company. You can initiate the surrender process over the phone. The insurance agent will walk you through the steps and documentation required to collect any cash surrender value you may have. They can also inform you about any fees youll be charged.

Can I cancel my life insurance policy and get my money back?

Yes, you can, although the only way to get a full refund is to do so during the initial free look period. After the free look period, if canceling a permanent life insurance policy during the first 10 years or so of owning it, you may be charged a surrender fee plus any unpaid loan balance and interest accumulation.

Can I withdraw cash surrender value?

Typically, the amount you paid into your policy (the cash basis) that you get back when surrendering your policy is considered a tax-free return of your principal. However, any funds over your policys cash basis will be taxed as regular income. Employer-paid group life plan.

How do I claim surrender value?

Policyholders who surrender paid-up life insurance receive the special surrender value, which is calculated by adding the paid-up value to the surrender value factor. A special surrender value is determined by (Initial base sum assured times (Premiums paid minus Premiums payable+ Bonus) + surrender value factor).

Can I cash out my childs life insurance policy?

A parent can ``cash out a childs life insurance policy by surrendering the policy, which means terminating it and receiving the accumulated cash value, usually only possible with a whole life policy.

Is cash surrender value considered cash?

Cash value is the amount of money accrued in your policys cash value, including any compound interest. The surrender value refers to the cash value minus any surrender fees due when you cash in your life insurance policy.

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