words it is now credible to sell your whole life insurance policy to the highest bidder and take a dough settlement, called the life settlement, and use it for whatever purpose that fits your circumstances.
However, before going down this boulevard I recommend that you consider your alternatives. Deliberate about it, there would be not likely such thing as a life settlement industry if there wasn't a ton of profit to be made switching old policies for new - which is the goal of the industry after all.
They are not in the life settlement business for their health or your profit. In fact it wasn't very many years ago when children who recommended that you switch an old policy with a new one were really-truly breaking the insurance laws in their states.
Buying life insurance is just about the most unselfish thing anyone can do. Having some advisor attest you that you don't need it any more is usually an irresistible opportunity to grab hold of back to thinking of themselves.
Surrendering a life insurance policy, getting a bunch of shekels back for themselves and buying another life insurance policy with some of the proceeds and putting the rest in their bag is an offer they don't want to refuse.
However, the need for life insurance never goes away. The assets and people you are protecting and the reasons you ought to want to protect them change, but it's still there. The homefolks suggesting that you don't need the insurance anymore because the specific argument you bought it in the first place has changed are not looking out for you, they are looking out for them and their commission.
Before you decisively consider a life insurance settlement proposal contact the trade association that sold you the insurance in the first place. Go to the establishment's web site, not that of the sales agent - since they may have very different objectives, and see what options are available without generating a huge new commission for the everyone recommending that you exchange your old, according to them "outdated" life insurance policy for a new one.
Visualize about it, don't you imagine that State Farm, New York Life, Prudential and all the other well established companies have creative ways to adjust the billions and billions of life insurance policies they have sold to meet situations like this? For them keeping the life insurance policies on the books is the single most profitable thing they can do.
So talk to flesh and blood at the home office who are inclined to make the adjustments necessary in the whole life policies you until this time have. Then seek the input of knowledgeable everyone you trust, maybe members of your business to business peer group, who do not have a financial stake in the conclusion you make.
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