What happens when you cash in a life insurance policy and how can you tell how much you would get for it?

Look in the policy for the table of cash values. There may be TWO columns. Cash and Surrender value. If you give up the policy, you get the surrender amount. If you don't have that table in your policy or your policy is based on current interest rates - then you need to contact your Insurance Company or agent and ask for an illustration showing the cash values.

If the amount of cash is more than you paid - you pay tax on the difference. You might want to consider taking loans if you need the $$$. You might also want to consider just not paying the premium and letting the cash values pay for the coverage.