Can A Whole Life Insurance Policy Be Cashed In? 
Yes , there are several ways to get cash from a Whole Life policy , if it has been in effect long enough to generate substantial cash value . 1 -RRB- You can cash the policy in , called surrendering it . This gives you the entire cash value , minus loans , fees , and unpaid premiums . But then your policy protection ends . You no longer have a policy after surrendering it . 2 -RRB- You can withdraw the money you paid in , tax free . This will reduce the death benefit of your policy , but it will not cancel it . 3 -RRB- You can borrow from it . If you repay the loan with interest , your policy stays intact . 4 -RRB- If you just need to get our from under paying premiums , you can see if your policy has the ability to pay premiums from cash value , or reduce the face amount so that you no longer owe premiums . When you bought your Whole Life policy , you were purchasing all kinds of great features that you may not understand . Contacting the agent who sold it to you , or another agent you trust , is a good idea before you cash in your policy . That way you can take advantage of those features you had been paying for all those years . 