That depends on what you would give up and what you need the money for. In the early years the surrender value is usually below the premiums you have paid, so surrendering often locks in a loss. The numbers to compare are the surrender value quoted today, the guaranteed maturity value if you keep the plan, and the years remaining.
What surrendering costs
The surrender value is what the insurer pays if you end the policy early. In the early years it is usually less than the total premiums you have paid, and the gap is the real cost of leaving early. Enter what you have paid and the surrender value you were quoted into the surrender value calculator to see that gap in dollars and as a share of what you have paid in.
What you keep if you hold on
Holding on means the policy continues to its maturity value. Separate the guaranteed part from the part that is only projected: the guaranteed maturity value is what the insurer is bound to pay, and the rest depends on bonuses that are not guaranteed. The guaranteed vs projected calculator shows how much of the headline total is not guaranteed.
If you still have premiums to pay, the maturity value also reflects those future payments, so compare it with what you would still need to put in.
Options to ask your insurer about
Some policies offer a paid-up or reduced-cover option, which stops further premiums while keeping a smaller benefit. It can sometimes avoid the loss entirely, but whether it exists depends on your policy, so ask your insurer in writing.
Questions worth asking
- What is the surrender value today, and in each of the next few years?
- How much of the maturity value is guaranteed, and how much is projected?
- Is there a paid-up or reduced-cover option, and what would it keep?
- What cover would I lose, and could I replace it on similar terms?
What this page cannot tell you
It cannot weigh your health, the cover you would lose, or what else you could do with the money. Those matter as much as the numbers. This is educational, not financial advice; a licensed adviser can look at your whole situation.