Yes, Life Insurance policies can be cashed in if they indeed have a cash value. Term life insurance does not have a cash value so it can only be cancelled, not cashed in. To see what you would get by cashing in Whole Life or Universal Life, look for the surrender value on your most recent statement.
Other options that might give you access to the cash value without giving up your entire policy are: borrowing from the value, making the policy a reduce paid up policy, or partial surrender.
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Other options that might give you access to the cash value without giving up your entire policy are: borrowing from the value, making the policy a reduce paid up policy, or partial surrender.