Although it will depend on the specific policies, you probably have accumulated cash value. In some cases, having cash value enables you to:
- Cancel the policy and receive the cash value as a lump sum: the surrender cash value.
- Stop paying premiums and use it to continue your current policy for a specific time.
- Withdraw part of the cash value in the form of a policy loan.
You should consult your policy agreements and speak to your agent(s).