There may ordinary income tax consequences, possible IRS penalties and surrender charges. If you have gain in the policy, you'll pay ordinary income tax. If the variable life insurance policy was issued as a modified endowment contract and you cash it in before age 59 1/2, the may be a 10% penalty. There may also be surrender charges in the first 9 to 15 years. Determine these ramifications first before moving cashing it in. You may be able to borrow policy loans, that could be an alternative to losing your coverage by cashing in your policy.
When a permanent life insurance policy has a accumulated a cash value, often times there is a way to surrender (or 'cash in' as you wrote) the policy. Without a great deal of additional information, you would be best served just calling your insurer directly (or the agent that sold you the policy) and asking about this and any surrender charges. Again, without knowing details about the specific policy and when it was issued, it can't even be determined if there is a cash value.
If you want to keep the policy but just need to take a loan out for a temporary amount of time, they may go over policy loans. If it is a matter of not being able to afford the policy anymore, but you want to keep some coverage, they may go over some of the non-forfeiture options. These may include extended term or reduced paid-up.
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If you want to keep the policy but just need to take a loan out for a temporary amount of time, they may go over policy loans. If it is a matter of not being able to afford the policy anymore, but you want to keep some coverage, they may go over some of the non-forfeiture options. These may include extended term or reduced paid-up.