Can I Cash In My Insurance? 
There is only one type of insurance policy that you can cash in . That is permanent life insurance -LRB- commonly called , whole life insurance . -RRB- All other policies have a specific term and coverage expires on that date . Because death is an eventuality not a probability , cash value life policies accumulate cash to offset the cost of paying the benefit . The company lists inside the policy the amount of this reserve that they are willing to exchange at any time in exchange for no longer having to pay the death claim . That is cashing in your life insurance policy . 