A lot of older people have life insurance and continue to pay premiums on a policy they no longer need. Most of us get life insurance as a way to safeguard our family in case something tragic happens, but that type of protection becomes less necessary as we age.

When we no longer require life insurance, cashing out the policy is one choice we can make, but another option is to sell it. What exactly does that mean, and how does one go about selling their policy? Host Lou Scatigna, CFP explains in this segment from The Financial Physician.