Once parent’s have gotten older and beyond the young children stage it may be tempting to cash out of a large life insurance policy taken earlier on a spouse. After all, the proceeds could be used as investment seed money. But before you do that you should look hard before you leap. The agent you bought the policy from can help you decide the pros and cons, usually at no charge. The agent may suggest switching your current policy with a new, more appropriate one. Be especially skeptical if the agent works on a commission basis, though. The next stop is a financial planning adviser and/or a CPA who can suggest alternatives and cover the potential tax consequences, which can be huge and ruinous to the uninformed.