You need to contact your insurance provider to cancel your universal life insurance. Depending on your contract, when you surrender your insurance policy, you may get your cash value—also known as the surrender value, as a payout.  When you cancel your universal life insurance, your surrender value may reduce by any cancellation charges, withdrawals, or outstanding loans. Also, a cash payout may trigger tax consequences depending on your situation. Always review your cancellation policy with a financial advisor to understand its financial implications.