A whole life insurance policyowner does not wish to continue making premium payments. Which of the following enables the policyowner to sell the policy for more than its cash value?

The correct choice is life settlement contract, which allows a policyowner to sell their whole life insurance policy to a third party for more than the cash surrender value. In a life settlement, the seller receives an amount that reflects the policy's future death benefit, adjusted for life expectancy and other factors. This transaction can be financially advantageous for the policyowner, particularly if they no longer need the insurance coverage or cannot afford to continue paying premiums.

A cash surrender would simply allow the policyowner to receive the cash value of the policy upon termination, which is often less than the death benefit. A buy-sell arrangement typically pertains to business ownership agreements and is not related to personal life insurance policy sales. A 1031 exchange relates to the exchange of real estate properties and does not apply to life insurance policies. Thus, a life settlement contract stands as a viable option for policyowners seeking options beyond just cash surrender.