Perhaps you’ve seen the ads with older adults looking happy because they just sold their life insurance policy for cash. You might have scratched your head and wondered, “Is this for real? Can you actually sell a life insurance policy?”

Yes, you can. Life insurance is a way to support your loved ones financially after you die, but what few people realize is that a life insurance policy also is considered property. That means it can be sold. You can do so through a transaction called a life settlement.

RENO, Nev., Aug. 23, 2022 /PRNewswire/ -- Aspen Alpha Advisors, LLC (AAA), a life settlements manager, recently won a Preqin Award for their management. Their life settlement niche strategy has received a Preqin Award for top performance. Preqin is a market data company that provides financial data and information on the alternative investment space and supports further investment in alternatives.

One of the benefits of a cash-value life insurance policy is that you can access the money while you’re still alive. There are several ways you can take money out from cash value, including surrendering the policy for a lump sum. Here’s how it works and when it makes sense to surrender a life insurance policy.