But state insurance laws require that you get more than the cash surrender value of your policy. “People get 3, 4,5 up to 10 times more than if they were to surrender it,” says Michael Freedman, CEO ...

Penny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them.