I work with a company that is occasionally involved in selling of inforce, often older, life insurance policies. We recently had a very heartbreaking situation wherein a policy with a $220,000 death benefit was sold for $20,000 due to the owners of the policy were extremely hard up for cash. The day after the deal was done and the required waiting period was over, the person died. So they had gotten $20,000 instead of $220,000 from the policy. True, he could have lived for several more years... but it is not always a good deal, and there might be situations in which it is best to try to sell it to a relative or associate who has some goodwill for the family instead of done as totally a business deal.
Life is one big gamble, isn't it?