Almost 88% of life insurance policies go unused or are surrendered. Jon Sabes, CEO of GWG Holdings (GWGH), said many consumers are simply not aware that they have the option of cashing their policies in. 'If consumers knew that there was value for these life insurance policies far and above the cash surrender value they would much rather turn to the secondary market for the value inside these policies,' said Sabes. The life insurance market is an $11 trillion industry and life settlements accounts for less than 1%, according to Sabes. GWG is in the market to seniors through the sale of their policies. Sabes said the secondary market for life insurance is similar to reverse mortgages, providing seniors with market value for an asset they no longer want, need, or can afford. GWG’s current portfolio of policies is more than $800 million. In 2014, GWG paid out $290 million for those policies, which was $270 million more than the cash surrender value. Sabes said the company’s 2015 numbers are not available yet.