Are you considering selling your life insurance policy to score some quick cash? The world of death futures contracts (aka viaticals or life settlements) is fraught with dangers.

Let's say you have a $100,000 policy. Your insurer may quote the cash value of your policy as only $5,000 if you were to turn it in. But someone in the free market may offer you $15,000 or $20,000 if you sign over your rights to them.

The company or person you sell to pays your premiums and hopes you die in a hurry! But your heirs won't get any payment upon your death. It will all go to the new policyholder.

For investors, death futures are pitched as a way to earn a great return on your money. But one word of caution. There are untold numbers of scams in this field, and there's no way to be certain you're dealing with legit players.

In summary, here are some key pointers to remember:

• If you have a policy, start by finding out the cash value of your policy from your insurance company.

• If you want to sell it in the free market, be sure to get quotes from multiple companies who buy life insurance policies. The quotes will likely be all over the board.

• There may be tax consequences in taking a payout.

• Beware of the Larry King phenomenon, where the media personality sold his policy and is now worried he'll be knocked off for the proceeds. Don't sell your policy if you're subject to paranoia.