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Can I cash out a "20 pay life policy"?

I have a $5,000 "20 pay life" insurance policy from Liberty National. It is all paid up, can I cash it out? How much would I get out of it? And lastly, how would I go about cashing it out? I can't get the Liberty National locations near me to answer their phones. Thanks in advance. I don't want to keep the policy because anyone who can do math knows whole life insurance is a bad product. The only people that think otherwise are the people making a commission off of them. I appreciate my grand parents intention for taking out the policy, but even if I can cash it out for a $1,000 I can easily turn that investment into more than $5,000 by the time I'm older. If I die young I've got a half million in term life insurance.

Public Comments

1. Why not just keep it as a burial policy for yourself and forget it's there? Otherwise it was a waste having in the first place. To cancel it though, you would call them and cancel it. You would just call the home office.
2. It doesn't have to be a location near you. They are the only ones who can tell you what the "cash value" of your policy is. Just understand, it's NOT the same amount as the death payout. As long as you are the policy owner, then you can cancel the policy and take the cash surrender value (minus the surrender fee). Only they can tell you how much - and if - you have a cash value to that policy.
3. We have no idea because only you have the actual policy. Read it.