Senior Life Settlements
A second industry has grown out of the viatical settlement industry. It is commonly referred to as the life settlement industry. If you are a senior citizen aged 65 or older, it may be possible for you to sell your unwanted life insurance policy for an amount far greater than the cash value.
Many people purchased life insurance at a time when they needed it to raise a family, or for some other financial obligation they would want to be met in the event of their passing. Many people, after carrying the life insurance for these purposes, would simply let the policy lapse by not paying the premiums, and/or would simply take the cash value built up in the policy. Many senior citizens are now realizing that their policy has a hidden value which they can access by selling the rights of their policy, instead of letting it lapse. In most instances, these senior life insurance settlements generate much more cash to the seller than if the seller just simply took the cash value and allowed the policy to lapse.