The conversion deadline is coming up
Most convertible term policies only allow conversion until a certain age or policy year. Once that window closes, buyers lose interest, so a review now could be worth thousands of dollars.
Life settlements
Term Life (Convertible)
Most people assume a term policy is worth nothing until a claim is paid. But a convertible term policy can often be sold for a lump sum, as long as you act before the conversion deadline passes.
Overview
Term life insurance has no cash value, so if you let it expire or stop paying, you walk away with nothing. A convertible term policy is different. Because it can still be converted to permanent coverage, buyers in the life settlement market will often pay real money for it. Term is the second most common type of policy sold, and many people are surprised to learn it qualifies.
Convertible term policies are especially marketable for policyholders who are younger and healthier than a typical life settlement client. The key is timing: once the conversion option expires, the policy becomes much harder to sell. Life Settlements Now reviews your policy, checks the conversion deadline and explains what the policy may be worth. We then present it to multiple buyers to find the strongest offer. There’s no cost for the review and no obligation to sell.
Symptoms
When to consider cashing out
The term is about to end
When a term policy expires, coverage simply stops and you receive nothing. Before that happens, find out whether a buyer would pay you a lump sum for the policy instead.
Premiums no longer fit your budget
If you’re thinking about letting the policy lapse, call first. A lapsed term policy is worthless, but a policy still in force may be sold, so keep paying until you know your options.
You no longer need the coverage
Changes in family, finances or plans can make the policy unnecessary. Selling it turns coverage you don’t need into cash you can use now for retirement, medical costs or anything else.
Our process
How cashing out works
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Tell us about your policy
We start with your term policy, its conversion deadline and why you’re thinking of selling. It’s a no-pressure conversation with no obligation to move forward.
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We check that it can be sold
We confirm the policy is still convertible and review the face amount, premiums and health picture, the main factors buyers weigh, to see if it’s likely to qualify.
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We find the strongest offer
We present your policy to multiple licensed buyers so they compete for it. You see every offer and how it compares with letting the policy expire.
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You decide whether to sell
If you accept an offer, we guide you through the paperwork, and the funds are released once ownership transfers. If you don’t, you owe nothing and keep your policy.
Scope
What the service covers
The policy review is free. If your policy sells, our compensation is disclosed in writing before you sign anything.
Request service- Free policy review
- Marketing to multiple licensed buyers
- Conversion deadline check
- Offer review and comparison
- Policy qualification guidance
- Guidance through closing paperwork
What does convertible term life mean?
It means the policy lets you switch to permanent coverage without a new medical exam, usually until a certain age or policy year. That conversion option is what makes the policy valuable to buyers, so check your deadline in the policy documents.
Should I let my policy lapse if I can no longer afford it?
Not before you talk to us. A lapsed term policy is worth nothing, but a policy still in force may be sold for a lump sum. Keep paying until you know your options.
Can a convertible term policy really be sold?
Often, yes. Term is the second most common type of policy sold in a life settlement, and convertible policies are especially marketable. Whether yours qualifies depends on the face amount, the conversion deadline and your health picture.
What should I have ready?
Your policy number, insurance company, face amount, current premium and the conversion deadline if you know it. A recent policy statement is helpful too. We can request the rest from your insurer.
Related services
Often booked alongside this.
Life Settlements
Clear guidance for seniors and policyholders considering life settlements and alternatives to letting a policy lapse.
Viatical Settlements
Clear guidance for policyholders considering viatical settlements and alternatives to letting coverage lapse.
Universal Life
Clear guidance for understanding universal life policy options.
Before you decide,
get clear information.
If you are considering surrendering a policy or allowing it to lapse, a consultation can help you understand life settlements and other available alternatives.
