How is an Old Life Insurance Policy Valued?

If you have an old life insurance policy that you have had for some time, you will want to know how much it is actually worth after a long period of time. There are life insurance policies such as whole life, or variable life insurance that have a cash value associated with them as time goes on. This cash value can be used sometimes for receiving cash when you need it. Here are some ways to find out how much your old life insurance policy is worth.

Contact The Insurance Carrier

In order to figure out the exact parameters of your life insurance policy you should locate the insurance carrier that issued the policy. Contact the carrier and request an in-force illustration for the policy. They will provide you with a ledger that shows all the different values that are associated with your policy.

Review the  in-force illustration and find the section that has the values associated with the year you are interested in. Next to that you will find the cash value. You will see several different values from when the policy was issued up to 100 years. Make sure you find the one that is associated with the right year.

Get The Money

If the old life insurance policy is worth money, then take it to the insurance agent and cash it in. Once you make the request and fill out the paperwork, you should receive a check in the mail in a few weeks. Sometimes, you will need to provide additional documents to provide death or survivor benefits.