How do i surrender a Union Fidelity life insurance policy?

If you want to surrender your Union Fidelity life insurance policy, you will need to follow these six steps:

1. Review your policy: Before you surrender your policy, review it carefully to understand the terms and conditions, as well as any surrender charges or fees that may apply.
2. Contact Union Fidelity: Contact Union Fidelity by phone or email to request a surrender form or to inquire about the process for surrendering your policy. You can find their contact information on their website or on your policy documents.
3. Fill out the surrender form: Once you receive the surrender form, fill it out completely and accurately. You will need to provide your policy number, name, address, and other personal information, as well as the reason for surrendering your policy.
4. Submit the form: Submit the completed surrender form to Union Fidelity. You may need to include additional documentation, such as a copy of your policy or proof of identification.
5. Receive the surrender value: Once Union Fidelity processes your surrender request, they will provide you with the surrender value of your policy. This is the amount of cash value that has accumulated in your policy, minus any surrender charges or fees.
6. Consider tax implications: Surrendering your life insurance policy may have tax implications, so it's important to consult with a tax professional before making a decision.

It's important to note that surrendering your life insurance policy means that you will no longer have coverage, and you will not receive any death benefits if you pass away. Before surrendering your policy, consider other options, such as reducing the death benefit, taking a loan against the policy, or selling the policy through a life settlement.