Emergency Fund / Universal Life insurance
Hi all,
I’m looking for thoughts. I’m trying to build an emergency fund of 20k. Right now I have a universal life insurance policy valued at 100k.
I know, I know. It was purchased on my behalf thirty years ago. I can’t liquidate it because I can’t qualify for a term life policy for a few more years due to cancer remission timelines.
I think it’s important to build my savings muscle, so I want to save up my own emergency fund but at the same time I don’t want to waste time and money.
I guess my question is how comfortable would you personally be with splitting the baby in this case? Maybe saving 10 to 15k myself as a first line of emergency fund in a normal savings account and then treating a portion of that life policy as a second line super duper emergency fund?
Eager to hear your thoughts.