Yes. There are two ways- a viatical contract or life settlement.
Viatical Contracts allow people who are terminally ill to sell their life insurance policy for a percentage of its face value, with the older and more terminally ill getting a larger payoff. Then, once the person has died, the viatical company, the company that bought the life insurance policy, receives the rest of the death benefits. Some 
viatical arrangements are private, perhaps among family members. These days, viaticals have become big business, with viatical companies luring investors to buy policies in bulk.
In addition, "life settlements" or "senior settlement” contracts allow healthy policyholders to get out of life insurance policies that they may not need anymore and get more than just the surrender value of the policy. Someone would want to do this if they have no dependents, anyone relying on them to help support them, thus making life insurance unimportant to them.