Annuity glossary

Cash Surrender Value

What you actually receive if you cancel a permanent life insurance policy or annuity: the account value minus any surrender charge and outstanding loans. In the early years it can be dramatically less than what you have paid in, which is why these products punish early exits and reward holding through the surrender schedule. The contract explains the calculation, timing, exceptions, and owner choices that apply.

Any guarantee is backed by the claims-paying ability of the issuing insurer.