This individual purchased term life insurance in his early sixties. Term life is generally a more affordable type of policy, and certain policies can be converted to universal life insurance later down the road. Years later, the period of term was about to end. He hoped there was an alternative to simply letting go of the policy after paying on it for a decade. His advisor discovered his particular policy could be converted to universal life and sold it in the secondary market. As a result, he obtained $120,000 by converting and selling the policy to GWG Life, LLC (GWG Life).