I am considering selling a life insurance policy I have, that I really have no need for, esp. since at my age, I wonder if anything might reasonably be expected to change on that score. Two questions: 1) anyone ever done this, and 2) if I were to do it, would it be better to have the insurance co buy it back, or sell it to one of the outside firms that solicit people to sell their policies to them?
If it's a whole life policy, it has some redeemable value, probably way less than the payout. I did this once, and just redeemed it with the company. I can't see any reason for doing otherwise. Only keep it if you have a dependent or at least someone who you would want to be a beneficiary.