To convert your own life insurance policy into something else, you should consult with a life insurance company officer. For example, you may find out that the policy can generate a higher return; it can vouch a large loan, or provide long-term care in a medical facility.
Insurance
A life insurance policy can be easily converted: from endowment to investment, then you can buy an annuity.
Loan
If you need a loan, the cash value of your permanent life insurance policy can come in handy. For example, you can take out a loan from your insurer, and the policy will act as security for this loan. Such a loan does not require the insurer to check the borrower’s status, and interest rates on this loan will be below market rates.
“This sounds like the perfect way to get a loan, but it could result in you losing your policy if you're not careful, for example, if you stop repaying a loan,” the article says.
The amounts of such loans can reach 100 thousand dollars, and the borrowing period is from two to 15 years.
Long term care
According to the US Department of Health and Human Services, about 70% of 65-year-olds will eventually need long-term care services (such as home care or support services) for the rest of their lives. Depending on the type of care and where you live, it can cost thousands of dollars a month.
Adding long-term care insurance to your life insurance can help cover these costs and save your family from having to pay medical bills.
To use the services of this rider, you will need to undergo a full medical examination and diagnostics of critical diseases.
Source: https://www.cnbc.com/select/how-to-use-life-insurance-right-now/
Photos are from open sources.