If you're considering letting your policy lapse, a life settlement may provide a more profitable alternative. If you haven't yet thought about selling your life insurance policy in the secondary market, there are many reasons why you should.

Have your financial responsibilities or needs changed?
You may no longer need to be concerned about affording your children's college or paying off your house. Many people may simply cancel their policies or stop paying the premiums because they not longer require the policy.

Do you need cash for long-term care?
Deciding how you will pay for care in the event of a long-term illness, accident or disability may be one of the most important decisions you ever make. The average American male can expect to spend more than $50,000 on long-term care, women more than twice that number.

Do you need funds in order to create a more comfortable living situation?
A life insurance settlement will help you take that long awaited vacation that you always planned but could never afford, or get you that luxury item you've always had your eye on. Perhaps you would prefer your life insurance policy as a gift to be enjoyed by relatives or as a charitable donation.