Permanent life insurance policies, and some term policies, build cash value. As policyholders pay premiums that exceed the cost of insurance, the excess accrues as cash value plus interest. That cash value can be withdrawn or used to supplement premium payments for a time, or the policy can be cash-surrendered. When a policy is surrendered, it is cancelled, becomes void and the policyholder receives any outstanding cash value in a lump-sum payment. If you have a cash-value life insurance policy with Boston Mutual Life Insurance company and want to surrender it, you can do so by filling out a simple form.
Step 1
Consider the reason you are cash-surrendering or canceling your life insurance policy. Ensure you still have adequate life insurance coverage to meet your needs. Evaluate the potential benefits of a new policy (if you are replacing your existing coverage) to ensure it meets your needs and is affordable.
Step 2
Access Boston Mutual's Cash Surrender Request Form from its website, and print it out. Read the form carefully. Check the box that expresses the reason you are canceling your policy.
Step 3
Write your policy number on the form as well as the policy numbers of any additional policies you want to surrender. Check whether you want the cash to be mailed to you in the form of a check or some other payment.
Step 4
Verify whether you are the subject of any bankruptcy proceedings by checking the appropriate box. Fill out the policy owner's contact information, name, date and signature. Obtain signatures from a witness and an assignee or irrevocable beneficiary (if applicable).
Step 5
Mail or fax the completed form to the address/phone number listed on the form along with your life insurance policy to Boston Mutual Life Insurance Company. If you cannot locate your life insurance policy, check the box under Section 4 acknowledging that fact.