If you own Term life insurance, there will be no cash to cash in. However, if you own Return of Premium (ROP) Term, and have held onto the policy long enough, you will be able to get back part or all of the premium you paid in.
If you cash in Whole Life or Universal Life, the amount you get back is stated in a current policy illustration. That amount is called the surrender value. You can order a current illustration from your life insurance company or agent.
Life Insurance can be "cashed" in providing there is a cash value available. In your policy there is a surrender value which is what you will receive. If you have taken a loan thwn this will be paid back first. Any monies over the premium you have paid in may cause a taxable event to be paid the tax year the policy is surrendered.
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If you cash in Whole Life or Universal Life, the amount you get back is stated in a current policy illustration. That amount is called the surrender value. You can order a current illustration from your life insurance company or agent.