What can I lose by surrendering a permanent life policy?

For this insurance planning decision, do not surrender existing coverage until the replacement policy is fully issued, accepted, and understood. Review the policy terms and the latest illustration or benefit summary together, and get a licensed professional to identify in writing the guarantees, exclusions, surrender restrictions, and beneficiary terms that apply. As part of the policy review, request an in force illustration, benefit schedule, or written policy summary before changing a policy based on a verbal recommendation.