How Can I Cash My Life Insurance Policy Out? 
There are two types of payouts . Death benefits are settled by settlement options . Benefits paid to living policy owners are known as non-forfeiture provisions . There are similar techniques used by both . A beneficiary and a living owner can take the benefit as a lump sum . They can chose to take only the interest on the money , leaving the principle with the insurance company for a later date . They can also elect one of several distribution plans that provide for a limited series of payments to lifetime income for one or more people . Living policyholders can also elect to accept a lower face amount of coverage in a policy that requires no further premiums . They can elect to keep the same death benefit for a prescribed period of time . Companies can have other settlement options . 