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life insurance

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?

One Response to “life insurance”

Barton Goth GCO Bankruptcy Trustees said...

I don’t see any reason whey the bankruptcy would have any impact, but you would be better of to discuss this with the bank. Each bank / insurance company has their own internal controls and guidelines to follow that I wouldn’t be aware of (especially on the insurance side).