Life insurance is legally recognized as personal property and the owner of the policy has rights to sell or trade just like any property owner. For instance, a life insurance policy can be sold for money in the form of a life settlement. It can also be used to convert into a long term care policy.
The biggest challenge in this case is educating boomers and seniors about their rights in regards to their life insurance. In the instance of converting life insurance into long term care, the conversion will be done on a private, secondary market exchange for the LTC benefit when the care is needed. For families that are faced with paying for Long Term Care, make sure to you look into life insurance to LTC conversion. And for those who are ever thinking about abandoning your life insurance policy, make sure to educate yourself on your rights as true property owner. You most likely have a very powerful asset that you weren't even aware of.