Get the free Variable Universal Life Surrender/Loan Request Form

This form is used to request a partial surrender or loan against a variable universal life insurance policy, allowing the policyholder to allocate funds from their cash value.

How to fill out variable universal life surrenderloan

How to fill out Variable Universal Life Surrender/Loan Request Form

1. Obtain the Variable Universal Life Surrender/Loan Request Form from your insurance provider or their website.
2. Fill in your personal information, including full name, policy number, and contact details in the designated fields.
3. Specify the type of request you are making, whether it is a surrender or a loan request.
4. If surrendering the policy, indicate the amount you wish to withdraw or surrender in the appropriate section.
5. For loan requests, state the loan amount you desire, ensuring it does not exceed your policy's cash value.
6. Review any tax implications or fees associated with surrendering or borrowing against your policy.
7. Sign and date the form to authorize the request.
8. Submit the completed form to your insurance provider via the recommended submission method (mail, fax, or online).

Who needs Variable Universal Life Surrender/Loan Request Form?

1. Individuals who hold a Variable Universal Life Insurance policy and wish to access cash values through surrender or loan.
2. Policyholders who need to liquidate their insurance policy or obtain a loan against their policy's cash value.

People Also Ask about

Can I cash out my variable life insurance policy?

You can cash out a life insurance policy. How much money you get for it will depend on the amount of cash value held in it. If you have, say $10,000 of accumulated cash value, you would be entitled to withdraw up to all of that amount (less any surrender fees). At that point, however, your policy would be terminated.

Can you cash out a universal life insurance policy?

Variable universal life is a type of permanent life insurance policy. It combines a death benefit with a savings component, called cash value. This coverage can last your entire life so long as you continue paying for the insurance costs.

What is the penalty for withdrawing from variable universal life insurance?

If you are under age 59½ when you make the withdrawal, you may be subject to surrender charges and assessed a 10% federal income tax penalty. Also, withdrawals will reduce the benefits and value of the contract.

How do I get rid of VUL?

If you are the owner of the policy you can call the number on your latest correspondence to request a surrender form. If you decide to surrender your policy: Your policy will have no further value and no death benefit after that date. This transaction may result in surrender charges.

Do I get money back if I cancel my universal life insurance?

If you have a whole life or universal life insurance policy, you can also cancel the policy at any time. You won't get back any premiums you paid for the policy, but you may receive a payout from the cash value, if one has accrued.

How do you cash out a variable universal life policy?

Can you take money out of a variable universal life insurance policy? Money can be withdrawn from the policy's cash value through loans taken out against the policy or partial surrenders.

For pdfFiller’s FAQs

What is Variable Universal Life Surrender/Loan Request Form?

The Variable Universal Life Surrender/Loan Request Form is a document required by insurance companies that allows policyholders to either surrender their Variable Universal Life (VUL) insurance policy for its cash value or to request a loan against the policy's accumulated cash value.

Who is required to file Variable Universal Life Surrender/Loan Request Form?

The policyholder of a Variable Universal Life insurance policy is required to file the Variable Universal Life Surrender/Loan Request Form when they wish to surrender the policy or take out a loan against its cash value.

How to fill out Variable Universal Life Surrender/Loan Request Form?

To fill out the Variable Universal Life Surrender/Loan Request Form, the policyholder must provide personal information such as their name, policy number, and details about the requested surrender or loan amount. Additionally, signature and date may be required to authorize the request.

What is the purpose of Variable Universal Life Surrender/Loan Request Form?

The purpose of the Variable Universal Life Surrender/Loan Request Form is to formally document the policyholder's intention to either surrender the insurance policy for its cash value or to request a loan against the cash value, ensuring proper processing by the insurance company.

What information must be reported on Variable Universal Life Surrender/Loan Request Form?

The information that must be reported on the Variable Universal Life Surrender/Loan Request Form includes the policyholder's personal information, policy number, requested surrender or loan amount, and any other specific details required by the insurance company, such as tax withholding preferences.