Helping my financial situation with my universal policy?
Background: 38M. I'm unemployed at the moment and in a competitive industry, my finances are getting super tight. I make decent money though and will be good as soon as employed.
Issue/Question: I have a $50,000 universal life policy (the premium is about $380.00 a year) that my parents bought for me when I was younger and going through severe health issues, they were concerned I would not be able to get life insurance later if my health declined further. I in fact got better, but still have a history of lots of medical issues.
That history is haunting me now. In the last year, I tried to get income protection insurance through my car/renter provider after an injury had me stay at home from work (not work related injury) for about a month and I was declined for that exact reason- my medical background, particularly I've been on health-managing meds since I was 16. State Farm cited my medication history specifically.
Going through my finances I found this policy, and I believe I can somehow use this universal life insurance policy to get some immediate financial benefit based on some internet searching? But I have no idea how that works as I did not buy this policy originally for myself, I don't even know the differences in universal vs. term, etc, and my parents are no longer around to ask. I don't even know who the policy guy is either, we've never talked.
I'd like to do that to help myself financially right now if possible but at the same time, I'm trying to figure out how much money it would be vs. if it's wiser to keep the policy itself because there is marriage/family potentially on the horizon and I have been shot down for new insurance from my health history.
What are my options here? Is there any way to get some financial infusion from this policy, yet keep the coverage so I don't harm my overall benefits future?
submitted by /u/Ok_Temporary_9695
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