Can I cash out my universal life insurance policy?

Can you cash out your universal life insurance policy is yes, universal life insurance has cash value that can be cashed out through surrender or withdrawal. Universal life insurance, which is type of permanent life insurance with flexible premiums and cash value component, offered by insurers like Sun Life Financial headquartered Toronto, Canada, and Prudential Financial headquartered Newark, USA, allows cash out options. You can cash out universal life by full surrender, where you cancel policy and receive cash surrender value, which is cash value minus surrender charges and outstanding policy loans and interest, with cash surrender value paid via check, and any gain above premiums paid may be taxable as income, and life insurance coverage ends. Alternatively, you can do partial withdrawal taking portion of cash value while keeping policy active, reducing death benefit and cash value, or take policy loan borrowing against cash value at interest rate set by insurer, with loan not taxable if policy stays active, but interest accrues. To cash out universal life, contact insurer customer service with policy number, request surrender forms, submit written request with signature, and receive funds within 7 to 14 days. So yes, you can cash out universal life insurance policy via full surrender for cash surrender value or partial withdrawal or loan, with tax implications on gain.