Can You Cash Out Life Insurance? 
Yes you can cash out or surrender life insurance . Life insurance is a unilateral contract where you , the policyowner , are in control . Before you cash out a policy it is best to check with your life insurance broker to be aware of alternatives and any consequences including tax . In Canada , if there is an irrevocable beneficiary or if the policy has been assigned as collateral , there permission would be required before taking any action including surrendering the policy . If you have any questions , or feel I could be of assistance , please do not hesitate to contact me . 