Whole life insurance policies offer guaranteed death benefits, guaranteed cash values, and usually they will also offer level premium payments to the contract owner. However, many people realise that they do not need their whole life policy as they grow older. Perhaps the individual's financial responsibilities have been dramatically reduced. Whatever the case, if you find that you don't need your life insurance policy anymore, you can sell it for cash instead of surrendering the policy to the insurance company.
Locate viatical settlement companies. These companies specialise in purchasing life insurance policies. They will offer you money based on the death benefit and current cash value of the policy. You may be able to find a viatical settlement company in your local yellow pages, but many companies do business over the Internet.
Call the company and request a quote. The viatical settlement company will want to know what the cash value of the policy is, what the death benefit of the policy is, your age and a few other pieces of information. They may also request that you provide them with a copy of a life insurance illustration for your policy. These illustrations are readily available from your insurance company.
Accept the highest offer. You can surrender it to the insurance company, which will offer you just the cash surrender value or you can sell it to the viatical company, which will pay you an amount somewhere between the cash value and the death benefit. Choose the highest offer and sign over your life insurance policy to the viatical settlement company. They will send you a check or ACH transfer to your bank account for the agreed upon dollar amount.