Can I Cash Out My Universal Life Insurance? 
Yes , however , there are several things you should think about before deciding whether to surrender any life insurance policy . One of the things that most people do n't think about is their insurability , especially when they have an existing plan . They may have preferred rates at the time they got it , but now have a medical history and may be looking at standard or substandard rates on a new plan if they decided to get coverage again later on . If you 're looking at securing new coverage / replacing the old policy , you should compare the two structures and make sure it 's the most favorable course of action for you - the cash value from the old policy can be used towards a new permanent program to lower the overall premium via what 's called a 1035 exchange . After all things considered and you still want to cash out the policy , you can call the carrier/contact your agent and tell them you want to terminate the coverage -LRB- the amount you receive would be less any surrender charges or loan fees , if applicable -RRB- and they 'll send you the necessary paperwork . I hope the information is helpful - please feel free to contact me if I can be of further assistance . Thanks very much . 