What is the surrender value of my policy?

The surrender value of a policy from Penn Mutual refers to the amount of money a policyholder can receive if they choose to terminate or "surrender" their policy before it matures or before the insured event occurs. The surrender value can vary based on several factors, including the type of policy, the length of time the policy has been in force, premium payments made, and any outstanding loans against the policy. In general, for whole life insurance policies, the surrender value is typically available after a certain period of time, as these policies build cash value over the years. If the policyholder has borrowed against the cash value, the amount owed will be deducted from the surrender value at the time of cancellation. To determine the exact surrender value of a specific policy, it is advisable for the policyholder to review their policy documentation or recent statements, as these details are often outlined there. For more precise and personal information, including how to calculate the surrender value based on individual circumstances, it might be beneficial to refer to the current web page associated with Penn Mutual for contact information and additional resources.