One way is to cash it out.
You can simply ask the insurance company for your money back and the insurance company will send you the check. However, that is not the only thing that will be sent to you. A 1099 will also come that will lead to income taxation on the $10,000 you took out above and beyond what you put in.
If you don't want the 1099 to come, what can you do?
Take a loan against the policy. Note a loan is not a "withdrawal", because loans are not taxable and withdrawals above basis are.
When was the last time you went to get an auto loan and received a 1099 on the amount you got from that bank? Never.
Based on the IRS section 7702A, it says loans are not treated as distributions under Section 72, therefore policy loans are not taxed assuming the policy is not what they call a MEC.
Next blogpost, we will discuss why you have to take a loan from your own money.