Long-term care, current medical bills, living expenses—there are so many reasons an individual may want to sell his or her life insurance. In this case, the policy owner sold her policy to GWG Life for eight times the cash surrender value offered by the insurance company. Now she is free of paying the annual premium and could use that money—along with the life settlement amount of $115,545—to pay for other necessities that are important at this time in her life.