This couple purchased a term life insurance policy to protect their children when they were younger. After the kids were grown, the couple decided to convert it into a universal life insurance policy to use as an estate planning tool. Six years later, Lester and Phyllis decided they didn’t need the coverage any longer. The premiums were over $8,000 for the year, and they were considering lapsing the policy. They had read an article about life settlements and decided to sell their policy to GWG Life, LLC (GWG Life). They were paid $195,000. The couple plans to use the money to buy a second home.