You have a few options if you no longer need your term life insurance policy. You can let the policy lapse, which means you will stop paying premiums, and the coverage will end. You can also return the policy to the insurance company for its cash value. Or, you can convert the policy to whole life insurance, a type of permanent life insurance. Whole life insurance policies do not expire and usually have higher premiums than term life insurance.
If you're experiencing financial difficulties, you may have other options besides selling your life insurance policy. You could take out a loan against the cash value of your whole life or universal life policy. This option would allow you to keep your life insurance coverage and access the cash you need. You could also consider a personal loan from a bank or credit union.