Well, selling a life insurance policy (with cash value) is not a popular method to raise money in Malaysia. Instead, people get a policy loan (at around 7%p.a. to 8% p.a.) or surrender it and cash out the remaining surrender value.
In certain financially developed countries, you can sell your life insurance policy to Life Settlement Company instead of getting a surrender value, which is substantially lower than a Settlement Value.
May be, you can sell it via personal channel, to friends or family, for 10% higher than surrender value by way of "absolute assignment". Anyway, selling is not an easy job if you are not a professional.
However, before you sell it (or assign it away), please consider various factors like whether are you still "insurable" in case you are ready to get a new policy etc.
