What Life Insurance Can You Cash Out? 
Life insurance that can be cashed out is life insurance with a cash value . This is Whole Life or Universal Life , although not every Whole or Universal Life policy has cash value at any given time . Term policies can only be cashed out if they are Return of Premium -LRB- ROP -RRB- Term . And you must wait until at least half the term has passed before you can get any cash when surrendering an ROP term policy . 