Surrendering a life insurance policy question.

[JohnnyTheFox]

I have several policies with a couple of them having outstanding loans against them. I want to surrender one of them and add that money to some other cash I have saved and pay off the other one completely. Has anyone have any experience with this or advice? Someone told me the outstanding loan I have on the policy{which I inherited btw}I would have to pay taxes on at the end of the year?

 

[Longboysfan]

Yes. But if it's yours only the interest.

If inherited - fuzzy there.