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I'm 60+, married, retired on adequate annuity, have no mortgage or other big financial burdens, and have insurance I bought (and needed) when my Kids were home/in collegee/etc. How to decide how much I still need?

I'd like to cash-in excessive insurance cash-value and invest for fun and profit. What disadvantages (e.g. tax or other stuff I may not know about)?

Should I borrow (my own money) instead? That seems silly since the interest approaches broker's rate, so why not just use margin account, instead?
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