Do both! I was in the same boat during my thirties. At that time, I recall having over 10 to 12 years of claims adjusting experience, and half of that time in litigation, yet some companies refused to interview me, because a 4-year degree is required.
I personally went with Excelsior College to get my BS in General Business, because they accepted a lot of my SCLA and ins courses from The Institutes, as well as taking CLEP exams. If you have a lot of business experience, it would not make that much of a difference on what school you went to, include is an Ivy league school (as long as regionally accredited).
Ashford is a good school, but make sure to weigh the costs. I think you need to take at least 10 classes at Ashford (residency requirement) at around $1,350 per course. With all schools, find out who many units you will need, and if you can transfer in CLEP, DSST, community college credits to keep the costs down. That is why I went to Excelsior, because I had lot of flexibility to take outside courses to keep my costs down.
I can't believe how time goes by so fast. I obtained my BS in Business back on August 2009 and completing my MBA this December and didn't not start school until I was 40 years of age (Jan 2007).
Here is a post I made after I graduated and my reason why I did both, and continued pushing forward after I obtained the CPCU and business degree http://joelomas02.wordpress.com/2009/09/13/importance-of-education/