Question: 
Have you heard of the term traded endowment policy that transfer all the rights of a policy holder to another through a firm not licensed by MAS? Is this legal in Singapore? 

Reply
It is legal for you to pay money to take over a life insurance policy that the policyholder transfers to you through an assignment. 
Usually, you pay to the policyholder a sum that is higher than the surrender value. 
You have to continue paying the premium and can collect the maturity benefit.
It may or may not be a good investment. 
There are also some risk in that the maturity value may be lower than projected.

I do not wish to advise if it is good to buy any specific life insurance policy for a specific sum. 
My general advise is that you should not invest in any asset that you are not familiar with the risk. 

Tan Kin Lian