1. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFCPRO
    Co-Founder, Coastal Financial Partners Group, California
    The policy owner can surrender their cash value policy and the insurance company will give them the cash surrender value net of any policy loans or surrender charges.

    As life insurance is property, the policy owner may sell their life insurance policy.  This has developed in recent years into a secondary market for unwanted or unneeded life policies called life settlements. Not all policies are valued higher than the cash surrender value. To find out more, ask your life insurance professional for guidance in this area.

    Family members or charities may also be potential new owners for life insurance you might currently own. There may be planning and/or tax advantages to consider. Again, check with a life insurance professional or your tax adviser for more information.
    Answered on May 18, 2013
  2. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    The question seems to assume that you have no ongoing need for coverage. A life insurance policy is personal property and only the owner can sell it. But to whom could they sell to? The owner could sell it to their children, grandchildren, charity or on the life settlement market. Each state has its own regulations regarding life settlements. 
     
    Answered on May 18, 2013
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