Selling a life insurance policy may be a good option for seniors 70 years or older or for individuals who are chronically or terminally ill. It may also be an option if your life circumstances have changed, your premiums are no longer affordable or you no longer have dependents who will need financial support after your passing. With increased uncertainty about the economy, many seniors are looking into how to sell their life insurance policies. Selling your policy for a lump sum cash payment can help you pay for medical bills, vacations, paying off a mortgage, or supplementing retirement while providing you greater financial security and peace of mind.