Can I cash out my life insurance policy without penalty?
Whether you can cash out a Nationwide life insurance policy depends on the type of policy you own. Term life insurance provides only death benefits and does not accumulate cash value, meaning it cannot be cashed out. Conversely, permanent life insurance policies—such as whole or universal life—often include a cash value component. If your policy has built sufficient cash value, you may be able to access it by making a withdrawal, borrowing against the policy as collateral, or surrendering the policy entirely. Surrendering your policy terminates your coverage, and any payout you receive will be the remaining cash value minus applicable surrender charges and fees. It is recommended that you contact Nationwide customer service or log in to your account to request an "in-force illustration," which will detail your specific options, potential tax implications, and the impact any withdrawal or surrender will have on your death benefit.
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