Yes. You can sell your life insurance policy. If you want to sell the future rights to the death benefit, you have the legal right to sell your policy to the highest bidder. The buyer would then pay you a lump sum and take over the payments in exchange for being listed as the beneficiary. This is called either a viatical or a life settlement.
They are generally used on whole life policies in which the insured has a life expectancy of less than 20 years remaining. However, this is not a set in stone law. If you have a policy you are considering liquidating, you should contact a broker. You may be able to receive substantially more money than the insurance company is paying for the cash value of your policy.