Things You'll Need:
- Cash
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Step 1
Check out the companies that offer cash settlement policies (or viaticals) for sale to individuals. Be prepared to pay more than the current cash surrender value of the policy, but at least 40 percent less than the eventual payout the policy offers. Only purchase policies that have been issued by well-known and financially-sound insurance companies. Check companies' ratings through the A.M. Best rating company (see Resources below).
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Step 2
Advertise in newspapers and magazines, especially those aimed at seniors and those who might be ill and in need of immediate cash. Offer to take over the payments on whole life insurance policies and to pay anywhere from 25 to 40 percent of the policy's payout value.
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Step 3
Attend conventions aimed at seniors and those concerned with health issues. Purchase a table or booth and pass out fliers and cards detailing your business of purchasing whole life policies.
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Step 4
Place fliers and posters at retirement centers, senior centers, laundromats and other places where they will be seen. Make your name synonymous with the purchase of whole life policies in your area.
