What Is Surrender Value Of Life Insurance? 
If you purchase Whole Life , it grows in value , and increases the death benefit without ever increasing the cost . If you cancel that policy later for any reason , there is an amount called surrender value , that you will be paid . It can be very large . A much better solution , however , is to keep your whole life policy , letting it continue to grow , but take some money out of it , for your emergency needs . The policy will keep growing as though the money were still in it . If you never pay back the money , the death benefit will be lower , but you will still have life insurance . Even if you became uninsurable , your whole life policy will continue to be yours . Gary Lane , Registered Representative , New York Life , 949 797 2424 . Thank you . 