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Another option for seniors is life settlements.  Seniors who have life insurance policies may not realize that they can sell them for cash at a fair market value.  There are financial institutions and investors that will actually purchase life insurance policies for more than their cash surrender value.  These purchasers become the new beneficiaries of the policies when they mature and are responsible for all remaining premiums, if any.  A senior interested in conducting a life settlement should first consult with an advisor in order to come to a decision as to whether to sell his or her policy.  Second, the Senior and advisor decide whether to work with a broker or to go directly to providers.