How Do You Cash In Your Whole Life Insurance Policy? 
To `` cash in '' a whole life policy ? Depends on what you mean specifically . If the insured person has died , contact the insurance agent for the policy or the insurance company . They will have a form for you to fill out , -LRB- assuming you 're the beneficiary -RRB- , and you will need to submit a copy of the death certificate . If you want to access the cash value in the policy without giving up the policy - that is you want to use some of the cash value and remain insured , you simply need to contact the insurance company and tell them you want to borrow against the cash value . If you want to surrender the policy - that is take all the cash value and give up the policy no longer to be insured , again you need to contact the insurance company and tell them that . They will have a form for you to file with them . Be aware that by surrendering the policy and taking the cash value out you will likely have to pay tax on the income . 