Savvy Senior: Life settlements

Dear Savvy Senior,

I have a life insurance policy that I’ve been paying on for years that I really don’t need any longer. I’ve been thinking about letting it lapse, but I’ve heard that I can actually sell it for a nice payout. What can you tell me about this?

Interested In Selling

Dear Interested,

Selling a life insurance policy, even a term life policy that you don’t want or need any...