Start with locating your life insurance policy. Cash value and surrender details are outlined in the contract. 

The 'cash out' amount is calculated according to contract terms, policy face amount, duration, payment history, state surrender charges, and outstanding loan balance. Look for the cash surrender value table outlined in the contract.

Get in touch with the insurer to request the necessary paperwork. The insurance company cannot process your surrender check without proper documentation. Complete and return the surrender form with the policy owner's name, insured person's name, method of disbursement, mailing address, tax withholding information, and more. Companies strive to forward cash surrenders quickly, but Illinois law allwos six months processing time.

Keep in mind that beneficiaries cannot claim policy proceeds if you 'cash out.' In addition, there may be tax repercussions.