A Whole Life Insurance policy owner no longer wishes to make premium payments. Which of the following options allows them to sell the policy for more than its cash value?

The choice to engage in a Life Settlement Contract is the most suitable option for a Whole Life Insurance policy owner who no longer wants to continue premium payments yet seeks to sell their policy for more than its cash value.

A Life Settlement Contract allows the policy owner to sell their existing life insurance policy to a third party for a lump sum payment that is usually higher than the cash surrender value. This transaction enables the seller to potentially receive more money than they would through simply surrendering the policy for its cash value. The buyer then becomes responsible for the premium payments and ultimately receives the death benefit when the insured passes away. This is particularly advantageous for individuals whose policies might have a significant face value compared to their cash value, often reflecting the policy's potential future benefits or the insured’s life expectancy.

The other options do not provide the same financial advantage. For instance, a Life Insurance Exchange would typically involve exchanging one policy for another, potentially without realizing any cash in the process. Policy Loan Options allow the policyholder to borrow against their policy’s cash value, but this does not involve selling the policy and relies on the future ability to pay back the loan. Lapse and Restore refers to the possibility of reinstating a policy after it has lapsed for non-payment