You can cash in your Whole Life Insurance policy. The question is, is it to your advantage to do so? If you need the cash, you can borrow from your policy while still keeping the insurance intact. Talk to your agent or a representative of the life insurance company from which you bought your policy to discuss your options before making a decision about this purchase that you may have paid into for many years.
Yes, if you wish to surrender your whole life insurance policy you can in essence "cash it in."
The insurer will send you a check for the cash surrender value of the life insurance contract. If your whole life policy is participating (meaning it pays dividends) it may be advisable that you wait until the end of the policy year when the dividends are paid before you surrender the policy.
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The insurer will send you a check for the cash surrender value of the life insurance contract. If your whole life policy is participating (meaning it pays dividends) it may be advisable that you wait until the end of the policy year when the dividends are paid before you surrender the policy.