benefits, is often called "cashing out." Surrender cash value is the amount of cash that is due to the policy owner who surrenders a life insurance policy.
ACES Publications : HE-0659Think hard before switching life insurance companies or When you have term insurance, some experts a cost breakdown--premiums, cash surrender value, and death
Whole Life InsuranceGuaranteed Cash Values: Unlike term life insurance, which does the kind of whole life policy you have amounts reduce the death benefit and cash surrender value.
Life Insurance GlossaryBeneficiary The person(s) named in the policy to receive the life insurance proceeds upon the death of the insured. Cash (Surrender) Value The amount that is