<human>: Can you condense the text into a few key points?

I am late 20's with a stable job and a salary around $85,000/year. I have a crossed all my t's and dotted all my i's thanks to this community, and have thankfully saved a nice ~$200,000 worth of retirement savings and personal investments since I was 18.

My question is what to do with my paid in full Universal Life Insurance policy of $290,000. I pay no premiums on this sucker and it has a cash value of ~$30,000 (after withdrawal fees/taxes) and returns a guaranteed 5-6% annually. 

If you were me, would you: 

*Cash the ULI and invest the ~$30,000 in index funds/ETF's
*Cash the ULI and invest in a play fund (individual stock account)
*Keep the ULI with guaranteed 5-6% annual return 
*Take a loan out against the ULI policy and invest the cash (I would have to pay interest on the loan of 5% apr back to myself/policy)

I did not open or pay for this Universal life policy, so we don't have to talk about how terrible they are as "investments" (trust me, I know). 

Just wondering if I should keep it as a type of Emergency savings account, or get rid of it and invest the money more wisely. 

Would love to hear your thoughts guys and gals!
<bot>: What would you do with a paid for Universal Life Policy with ~$30,000 cash value and 5-6% annual return?