Do you have a life insurance policy you don’t need any longer? Instead of letting it lapse or cashing it in, consider selling it to a buyer who will keep it in force.
Especially if you’re over 65 and have had some health problems, you may receive anywhere from 15% to 50% of its face value. A $300,000 policy, for example, might bring $45,000 to $150,000, depending on your health.
If you’re interested, ask your life insurance agent if he or she has had any experience with lifetime settlements, as they’re known. Alternatively, go to an Internet search engine and type in “lifetime settlements” to get leads.
Get several bids before selling your policy. Make sure the agent representing you is being paid a commission by the buyer, based on the policy’s actual selling price.