Can you sell your LIFE (insurance)?Like selling blood? the buyer get the premium and you get a share up front.

Question

Can you sell your LIFE (insurance)?Like selling blood? the buyer get the premium and you get a share up front.

Answer 1

You can sell your life insurance policy.  There are companies called life settlement companies that will give you a flat amount in exchange for your policy.  Then they pay them premiums and collect the death benefit when you die.  It was established to allow terminally ill people with life insurance access some of their death benefits before they die in order to pay for medical treatment and other expenses.

Answer 2

If you're over the age of 65 or have a terminal illness, you may be able to receive offers.  You will either receive no offers or some amount between your surrender value and your death benefit.  There are some drawbacks to selling your policy, and a responsible life settlement broker should be able to explain these.

Answer 3

Yes, however few people like to think some-one has a financial reason for wanting them dead ...

Answer 4

You can sell your life insurance policy.  However, I was just educated that if your policy is 2 years old or less, they can charge a surrender charge that's usually this HUGE amount  (depending on the amount of your policy). If you can tell, I'm really mad at the broker I dealt with. On another note, don't deal with independent brokers. Especially if they have good rapport in the community.

Answer 5

It's only WORTH your cash value, NOT your face amount.

If you "run the numbers", an investor would have to take over paying premiums, and the end payout doesn't generate much return on your investment, in the long run, so it's a crappy investment.

Answer 6

no

Answer 7

The concept has been around for years.  First it was called "viaticals," now it's marketed under the rubic "life settlements." (When they were called viaticals, they sellers were often g*y men who were expected to die soon of AIDS--when their health care improved the buyers of the viaticals were stuck with lousy "investments.")

Talk show Larry King sold his life insurance policy--he was reportedly a bit miffed when he discovered he couldn't really buy more life insurance on his own.

http://www.insure.com/articles/lifesettl...

Answer 8

only if it's whole life (which hardly exists anymore) and only to the point of the cash surrender value less a profit for the buyer - you may as well just cash in the policy at that point