Whole life or VUL, which life policy easy to sale after age of 65?

Question

I knew some one say, you can sell your own life policy to other or bank, I would like to know, which life policy can be sold easy and more value, assuming the same cash value and same coverage.

thanks

Answer 1

Life insurance policies are sold to life settlement companies, not banks or other people.  If the policy has the same death benefit and the same cash value, the life settlement company would probably give you the same amount for it.  Call Peachtree Life Settlements if you have specific information and they will give you a quote.

Answer 2

VUL settlements are considered a security, which significantly decreases the amount of potential companies willing to bid.  Life settlement companies (and there are many) generally want UL, VUL, term (with a conversion option), and WL in that order.  If you are in decent health and 65, they won't want to buy your policy for another 5 years.

If you are buying a policy with the intent of selling it later, make sure to ask your broker about the drawbacks to your future insurability.