January 21st, 2007 by Questions
I have been quite ill for the past year, and my business (non-incorporated) went under. I have substantial debt including personal lines of credit, and am quite sure I will have to file bankruptcy. My concern is my whole life insurance policy– if I have to take the cash surrender amount as an asset and I lose this policy, I will no longer be able to get more life insurance at a reasonable rate. I have young children. Is there any way to keep the policy?