Understand the Type of Policy You Hold
Before initiating a cash‑out request, confirm whether your MetLife policy is a term, whole, or universal life plan. Only permanent policies—whole and universal—contain a cash value that can be withdrawn or loaned against. Term policies provide no cash value and cannot be cashed out.
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Gather Required Documentation
MetLife requires a completed cash value request form and proof of identity. You may also need to provide the policy number, your Social Security number, and a recent statement showing the current cash value. If you are taking a loan, include a signed loan application and any collateral documentation if requested.
Choose Between a Withdrawal or a Loan
A direct withdrawal reduces the policy's cash value and death benefit, and is treated as a taxable distribution if it exceeds your basis. A loan allows you to borrow against the cash value; interest accrues, and the outstanding balance is deducted from the death benefit upon death or policy surrender. Compare the tax implications and long‑term impact on your coverage.
Submit the Request to MetLife
Send the completed form and supporting documents to the address listed on your policy statement or to the MetLife customer service portal. You can also request a call from a policy specialist who can guide you through the submission process and verify the amounts you wish to withdraw or loan.
Review the Settlement Statement
After processing, MetLife will issue a settlement statement that details the cash value, any loan balance, accrued interest, and the net amount payable. Verify that the figures match your expectations and that no unexpected fees appear.
Receive Your Funds and Update Your Policy
Funds are typically transferred via check or direct deposit within 7–10 business days. If you withdrew cash, the policy's death benefit will be reduced accordingly. If you took a loan, record the new loan balance and ensure you understand the repayment schedule to avoid policy lapse.