The selling of a life insurance policy is called a Senior Settlement. Individuals who own a life insurance policy but have no intended beneficiary can choose to sell the policy to a company that will give them money to use while still alive. In exchange the company then becomes the beneficiary on their life insurance policy.
Senior Settlements can provide individuals with either lump sum payments or structured payments depending on how a contract is negotiated. There are many companies that provide Senior Settlements. Competition makes it worthwhile to shop around for the best possible deal. A Senior Settlement can provide individuals with much needed money for health care payments or simply provide cash to spend.