If you have a universal life insurance policy or a whole life insurance policy that you’d like to trade in or tap for cash, you’re in luck. These permanent life insurance policies are often designed and funded to borrow or get cash from. Before going any further, make sure you read the fine print of your policy and understand any fees, borrowing interest or charges which might be incurred.
There are several viable ways to go about this (including life settlements), depending on whether you want to keep the policy, how much time you have available to spend on the project, and the amount of money you’d like to access. Read more