The short answer is yes. However, they often have surrender charges that may last up to 10 or even 15 years. Your most recent statement should have a column marker 'surrender value' which will show you the amount of money you get if you cash that policy out. Keep in mind that if you cash out a life insurance policy for more than you paid in it could create a taxable event. You should discuss this with your tax professional.
The bigger question is why are you cashing in the policy. There are alternatives to do so. You could transfer (1035 exchange) the cash value to another policy that will better fit your needs. You could leave the cash value in the policy to help offset premium costs and expenses. You could take a loan against the cash value in order to keep the policy in place and not create a taxable event but there are interest charges for having a loan. If you want to explore other options I recommend you talk to an independent insurance specialist who can help you evaluate these different options with your situation to see which one fits best. You may need to obtain a couple of inforce illustrations from the insurance company to show how the policy is currently performing and how making changes to the policy may affect performance.
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The bigger question is why are you cashing in the policy. There are alternatives to do so. You could transfer (1035 exchange) the cash value to another policy that will better fit your needs. You could leave the cash value in the policy to help offset premium costs and expenses. You could take a loan against the cash value in order to keep the policy in place and not create a taxable event but there are interest charges for having a loan. If you want to explore other options I recommend you talk to an independent insurance specialist who can help you evaluate these different options with your situation to see which one fits best. You may need to obtain a couple of inforce illustrations from the insurance company to show how the policy is currently performing and how making changes to the policy may affect performance.