You may be leaving money on the table if you simply cancel your policy. If there is cash value, that is what you will get back from the insurance company plus any unused premiums.
However, there is a market where you can sell your unwanted life insurance policies even term policies with no cash value. This is the life settlement market and is approved in California and many other states. Life settlements are regulated by the Insurance Commissioner. (see: https://www.insurance.ca.gov/0200-industry/0050-renew-license/0200-requirements/life-settlements/)
Once you decide to move forward, a final price is negotiated among the many buyers. You agree to the price you will receive. The policy ownership is changed to the buyer and you receive the funds. The buyer pays all future premiums and collects the eventual death benefit. It is possible to sell a part of the policy, and keep part yourself if desired.
There are four typical situations for life settlements:
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