If you have a life insurance policy you no longer need or want, one option is to surrender it to the insurance company. You might do better by selling it to a third-party. An increasing number of buyers are bidding, planning to keep the policy in force and eventually collect a death benefit.
If you are not in this situation, your parents might be. The policyholders who can expect the highest bids are over age 70, with a medical condition such as heart disease or cancer. If they’re holding a universal life policy that has little cash value, they probably will do better selling then surrendering the policy.
Some reports of abuses have surfaced so it pays to be careful. Contact your life insurance agent about offering a policy for sale. Insist that the agent work with multiple brokers and have all bids sent to you, so you can choose the highest one.
