We are now in our elder years and are having financial difficulties, would it be wise to surrender my husbands life insurance policy for its cash value. It is a whole life paid up policy. 
I am sorry to hear about your financial difficulties . Before surrendering your Whole Life Policy please consider that you will no longer have coverage and if you were to apply in the future the cost will be more than what you are locked into now . That said , you may have some options available to you . First , have you considered just withdrawing or taking a loan from the cash value ? This way the policy will still be in force . Be sure to understand what the surrender value is as well on the policy . It may mean you will get less out of the policy than what you were thinking . Please consider what will happen if death was to occur in the next 5 years , 10 years , etc. and what financial situation this may put you in . I would recommend contacting your Broker/agent to discuss your options . If you do not have one , I would be more than happy to look over what you have and make any recommendations based on what your needs are and what is available from the policy . This is a free service . Feel free to contact me at : mattb@denverwestip.info or call me at -LRB-720-RRB-708-5498 . 