Can I cash out my HSA bank account?
Cashing out a John Hancock life insurance policy is possible only if your policy is a permanent plan—such as whole life, universal life, or variable life—that has accumulated a cash value. Term life insurance policies do not build cash value and cannot be surrendered for a cash payout. If you hold a permanent policy, you can either take a partial withdrawal, borrow against the cash value through a policy loan, or surrender the entire policy to receive the cash surrender value. John Hancock will calculate this value by taking the total accumulated cash and subtracting any outstanding loans, interest, and surrender charges. Surrender charges are particularly important because they can significantly reduce the amount you receive, especially in the early years of the policy. You should log in to your John Hancock customer portal or call the number on your policy statement to request a "surrender illustration." This document provides a transparent view of the final amount you will be paid after all costs are considered. Be aware that surrendering will terminate your life insurance coverage, which may not be advisable if you still have beneficiaries who rely on the death benefit for financial security.
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