<prompt> Human: My parents had me get a Variable Appreciable Life Insurance policy as a kid. Worked out well to cover me for the first stretch of life marriage but now I have kids, so I beefed up coverage with a nice long Term policy with a high payout. Health checks, etc are done and the policy has been finalized, so on to the next phase:Im going to cash out the Variable Appreciable policy. Its nothing massive, but it is money. Will we be hit with any weird taxes when we are cut a check by the insurance company? Is there any advice out here for someone doing this? Fyi, I am beyond the policy maturity date by quite a bit, so I wont be paying a penalty for that.Thank you. I love this sub.  <response>: Youll pay regular income taxes on the value minus the cost basis premiums paid. These products are so awful thats usually not much. 