Yes, if your Universal Life insurance policy has cash value, you can cash it out. You will get the cash value shown in the illustration, minus any fees and surrender charges. The net amount of cash value collected is called the surrender value.
Universal Life is noted for its flexibility, so there may be more favorable choices available to you rather than cashing it out. E.g. You may be able to reduce the face amount to lower your premium, and/or use the cash value to turn it into a policy for which no further premiums are needed. Contact your agent or the insurance company for advice. Or I would be happy to help.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
A universal life policy is designed to develop cash value. If your policy has cash value that will probably be noted in your annual report. Contact your agent or the company to determine the amount of cash value that is available. With a universal life you could suspend payments or reduce them and still maintain the death benefit. Get advice before you make your decision.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Maybe! Universal life policies are curious things... If it has any cash value you can surrender it and "cash it out". Whether it has any cash value will depend on how long you've had it and how well you've funded it - that is how much you've paid into it. If you've had the policy for a long time and never increased the premium payments there may not be any cash value left. Request an in force illustration from the issuing company to find out what if any surrender value it has.
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Universal Life is noted for its flexibility, so there may be more favorable choices available to you rather than cashing it out. E.g. You may be able to reduce the face amount to lower your premium, and/or use the cash value to turn it into a policy for which no further premiums are needed. Contact your agent or the insurance company for advice. Or I would be happy to help.