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Cash surrender value is only offered when you enroll in a permanent life insurance policy.

While having the ability to access the cash surrender value before maturity is an advantage, you can also expect to pay a higher premium if you choose a universal life or whole life policy.

Initially, the cash surrender value of your policy will be low.

However, as time passes, the cash surrender value of your whole life or universal life policy will begin to increase.

With many of these policies, you can usually take out a portion of your surrender value and still keep your policy active — be sure to check the terms before you fill out an application to see if this is possible.