Can I Cash Out My Universal Life Insurance Policy? 
Yes , if your Universal Life insurance policy has cash value , you can cash it out . You will get the cash value shown in the illustration , minus any fees and surrender charges . The net amount of cash value collected is called the surrender value . Universal Life is noted for its flexibility , so there may be more favorable choices available to you rather than cashing it out . E.g. . You may be able to reduce the face amount to lower your premium , and/or use the cash value to turn it into a policy for which no further premiums are needed . Contact your agent or the insurance company for advice . Or I would be happy to help . 