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What an insurer pays if you end a policy before its term is over.
When you surrender, the insurer pays the higher of the guaranteed surrender value and the special surrender value, and the policy ends. In the early years the surrender value is usually well below the premiums paid.
Surrendering is one of three paths; the others are keeping the policy or making it paid-up. Which costs least depends on the policy and how long it has run.
Figures on this page are filled from the same tax and scheme tables the calculators use, for the current financial year. Every term in the glossary.