Can I Cash In My Whole Life Insurance Policy? 
Yes , if you wish to surrender your whole life insurance policy you can in essence `` cash it in . '' The insurer will send you a check for the cash surrender value of the life insurance contract . If your whole life policy is participating -LRB- meaning it pays dividends -RRB- it may be advisable that you wait until the end of the policy year when the dividends are paid before you surrender the policy . 