Yes, providing your policy has a non-forfeiture benefit you can cash in the policy and receive whatever its cash surrender value is. Traditionally speaking, this would apply to whole life insurance and universal life insurance. This would not apply to term insurance as it does not have a non-forfeiture benefits and has no cash surrender value.
Yes, you can cash in a permanent life insurance policy that has cash value. However, there may be other options for your policy that will not cause you to lose the death benefit coverage.
E.g. If the premium is too high, you may be able to reduce the face amount that will lower the premium, or even turn your policy into a reduced paid up policy for which no more premiums are needed.
If you need cash for living expenses, you can take a loan from some policies.
Visit with an agent to make sure you are doing the most economical choice with this valuable policy you had purchased in the past.
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E.g. If the premium is too high, you may be able to reduce the face amount that will lower the premium, or even turn your policy into a reduced paid up policy for which no more premiums are needed.
If you need cash for living expenses, you can take a loan from some policies.
Visit with an agent to make sure you are doing the most economical choice with this valuable policy you had purchased in the past.