Most people buy their own life insurance. You can be the Owner, Insured, and Payer for your own policy. That way you have the ability to make any changes to the beneficiary, and you can also make sure your policy stays in effect by paying the premiums on time.
However, if you wish, your partner or parents could by life insurance for you. If you have children or grandchildren who want to buy you a final expense policy, that can work, too.
If you are looking to sell a cash value policy friends and family is a great place to start. There are also companies that purchase life insurance polices called life settlement companies and viatical companies.
A life settlement company is used mainly by seniors needing cash to live. A life settlement company will usually give you more than the cash value of the policy is worth but less than the face amount. They recover the difference by leaving the senior as the insured and the company becomes the beneficiary.
A viatical company is used by seniors and the terminally ill. The main difference of the two is a viatical company is a life settlement company with multiple investors that invest capital for the promise of big returns due to shortened death cycles.
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However, if you wish, your partner or parents could by life insurance for you. If you have children or grandchildren who want to buy you a final expense policy, that can work, too.
A life settlement company is used mainly by seniors needing cash to live. A life settlement company will usually give you more than the cash value of the policy is worth but less than the face amount. They recover the difference by leaving the senior as the insured and the company becomes the beneficiary.
A viatical company is used by seniors and the terminally ill. The main difference of the two is a viatical company is a life settlement company with multiple investors that invest capital for the promise of big returns due to shortened death cycles.