At no time has there been more people who are 80 years old than there are today. Many of these people do not have or have outlived their beneficiaries. They may actually have more than one life insurance policy. At that point they may want to consider a life settlement. If there is no reason to have the additional life policy you can turn this policy into cash. Depending on your age and health determines how close to the face value they’re willing to pay you. For the most part most life settlement companies will not settle to people under 80 years old. As morbid as this may seem unless there’s a serious issue with health it is unlikely that they would talk to at age 70
Sometimes if you have been involved with the company for a prolonged period of time they may have actually set up a life insurance policy for you. It would be worth it to you to find out whether or not something like this exists.