How To Cash In A Whole Life Insurance Policy? 
The policy-owner can either contact the agent or the insurance company directly to request the company 's surrender forms . At the same time , request a policy value quote to ensure there will be no surprises when you receive the payment . Not all whole life policies have surrender charges but , if so , and if the policy is still in the surrender period , the cash value will be reduced by a surrender charge -LRB- charge for early penalty -RRB- . The cash value may be further reduced by any outstanding policy loan . If the cash value does not exceed the cumulative premiums paid into the contract , there should n't be any taxable issues . 