He Thought Has Was Fully Insured... The Surrender Value Proved Otherwise.
Most Whole Life Insurance buyers never realize how underinsured they are — until they learn how Life Insurance payoffs work. My Policy Advocate™ helps you understand your coverage before you need it.
Mark Thompson's Cash Value Surprise*
Mark Thompson, age 65, paid into a $1 million Whole Life policy for 25 years. His annual statement showed a "Cash Value" of over $185,000. Nearing retirement, he called to surrender the policy to pay off his mortgage. He was stunned to learn his Net Surrender Value was only $162,000. A $23,000 surrender charge was detailed only in fine print on page 18 of the contract.
Potential Denial (The Ambiguity):
The “Cash Value” on the annual statement was not the actual cash-out amount. Surrender charges significantly reduced the expected payout, even after decades of payments.
Risk Identified by My Policy Advocate:
Surrender Charge & Value Transparency.
Policy Language:
“Cash value of this policy is shown on Page 5. This value is subject to any applicable Surrender Charges as defined in Section 8.4, ‘Policy Surrender’.”
Discovery by Clara, our Ai Assistant:
Clara compares the face value of the cash value with the fine print detailing surrender charge schedules, calculating the actual net surrender value to flag a significant unexpected reduction.
Questions to Ask Your Agent:
- Can you give me a clear, side-by-side comparison of my current ‘Cash Value’ versus ‘Net Surrender Value’?
- What is the timeline of any remaining surrender charges left?
* This scenario described is fictious and is solely for illustrative or educational purposes so the insured has the opportunity to discuss these issues with their licensed insurance producer.
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