In the 1911 U.S. Supreme Court Case Grigsby v. Russell, it was established that life insurance is personal property, and can be sold and transferred just like any other investment or property. And just like the cash you’d get from selling your home or automobile, the money you get from selling a life insurance policy is yours to use however you want. Whether that be to cover medical expenses, take a dream vacation, give to your grandkids to cover college tuition, or just to save it for a rainy day – the choice is yours.