cash in or not

[appledmp]

undefinedWhat is the name of your state? Ohio

I have a life insureance policy that is worth 24000 dollars and I want to know the pro's and con's in cashing it in.. I am trying to buy a house for my husband and I and our 5 kids and my credit isn't the greatest. I need to know what the average amount you get after everything is done and if it is worth it. I don't know what to do.
Please help need to do A.S.A.P.

 

[Grant-RTG]

You will have to check with your insurance company. Most policies will have a cash surrender value. It will be a small percentage compared to the value of the policy. Pros would be you would get some money out of it (not much) and cons would be you would surrender the policy.

Life settlement would be an option to get around 3-4 times the cash surrender value but it seems that you won't qualify due to your age.

Hope this helps.