August 7, 2026
3:14 pm

Can You Sell an Assurity Term Life Policy? (2026)

An Assurity term policy has market value only for as long as its conversion privilege is still open. Institutional buyers in the life settlement market are buying a death benefit that will eventually be paid. A term certificate that expires at the end of its level period and cannot be turned into permanent coverage will, in almost every case, pay nothing to anybody — so there is nothing for a buyer to price. The asset is not the term policy. The asset is the contractual right to convert it without new medical underwriting.

That right has an expiration date, and the date is frequently earlier than people assume. Conversion windows commonly close years before the level premium period runs out. If you are reading this because an Assurity premium notice arrived and the number surprised you, the first thing to do is not to shop the policy. It is to find out whether the conversion right is still there at all. Everything else follows from that answer.

This page explains where that deadline lives in an Assurity contract, who Assurity is today and which regulator oversees it, how the convert-then-review sequence actually works, and the situations where the honest answer is that the policy has no market and you should stop spending money chasing one.

In This Article

Why the conversion rider is the entire question
Where the deadline actually is in an Assurity contract
Who Assurity is, where it is domiciled, and who regulates it
What Assurity’s term block looks like in 2026
The convert-then-review sequence, in order
When the honest answer is that there is no market
What to send for a review
Frequently Asked Questions

Can You Sell an Assurity Term Life Policy? (2026)

Why the conversion rider is the entire question

A life settlement is the sale of an in-force policy to a licensed institutional buyer for more than the surrender value but less than the death benefit. The buyer takes over the premiums and collects the benefit when the insured dies. That model only works if the policy can be kept in force until that day. Term insurance is designed to do the opposite: it is priced to expire, and the overwhelming majority of level term policies never pay a claim.

So when a buyer looks at a term contract, the buyer is not valuing the term coverage. The buyer is valuing the option embedded in the conversion rider — the right to exchange the term policy for a permanent policy issued by the same carrier, at the insured’s original risk class, with no new medical questions and no new exam. For someone who has developed health problems since the policy was issued, that option can be worth a great deal, because it produces permanent coverage priced as if the insured were still healthy.

If the conversion right has already expired, that option is gone. A term policy with no conversion right and no cash value is, from a buyer’s standpoint, an expense with a countdown timer on it. Pine Lake will tell you that plainly rather than run a policy through a market that has already told us the answer. The same logic is laid out in more detail on our general page about how to sell a term life policy.

There is one meaningful exception worth naming: if the insured has become terminally or chronically ill, a viatical settlement may be possible on a term policy even relatively late in its life, because the projected claim date may fall inside the remaining level period. That is a narrow case and it depends on medical documentation, not on the policy alone.

Where the deadline actually is in an Assurity contract

The conversion terms are not on the annual premium notice and they are usually not in the marketing brochure you were given at the point of sale. They are in the policy contract, and specifically in a rider or provision titled something close to “Conversion Privilege,” “Conversion Option,” or “Right to Convert.” You are looking for two numbers.

The first is the last date or last policy anniversary on which conversion may be exercised. Carriers across the industry express this in different ways: a fixed number of policy years, a fixed attained age, or the earlier of the two. A 20-year level term issued at age 55 may be convertible only through policy year 10 or through age 65, whichever comes first — meaning the conversion right can be dead a full decade before the premium jumps and the policy actually becomes a problem.

The second is the list of permanent plans you are allowed to convert into. Some carriers allow conversion to any currently issued permanent product; others restrict conversion to a single designated conversion product, which is often more expensive than the carrier’s retail permanent lineup. That restriction does not kill a settlement, but it changes the arithmetic, because the buyer will be paying those premiums for the rest of the insured’s life.

If you cannot find the policy, do not guess. Assurity’s policyholder service department can send a duplicate contract and, more usefully, a written statement of the current conversion eligibility. Ask for that statement in writing and ask it to name the exact expiration date. A phone call where somebody says “you should still be able to convert” is not a document, and it will not be accepted as one by anyone evaluating the policy. If your paperwork is gone entirely, the steps are the same ones described in our guide on a policy lost with no paperwork.

Who Assurity is, where it is domiciled, and who regulates it

Assurity Life Insurance Company is headquartered in Lincoln, Nebraska, and is domiciled in Nebraska. Its primary regulator is therefore the Nebraska Department of Insurance, which handles solvency oversight, policy form approval, and consumer complaints against the company. The company operates under a mutual holding company structure rather than as a publicly traded stock insurer, which means there are no shareholders to answer to and no stock ticker to watch.

The corporate history matters because it explains why an older policy in your file drawer might not say “Assurity” on it. The company traces its roots to Security Mutual Life Insurance Company of Nebraska, founded in Lincoln in 1890. The Assurity name came out of a 2001 combination involving Security Mutual Life of Nebraska and Lincoln Direct Life Insurance Company. In 2006 Assurity absorbed Centurion Life Insurance Company, a block that had previously been affiliated with Wells Fargo. If your policy was originally issued by any of those names, Assurity is the entity servicing it now, and the original contract terms — including the conversion rider — carry over unchanged. A merger does not rewrite your rider. Our page on what happens when a carrier merged and who owns the policy covers the general rule.

One more point about jurisdiction that trips people up constantly. Nebraska regulates Assurity. Nebraska does not regulate the sale of your policy. Life settlements are regulated in the state where the policy owner resides, so if you live in Florida, it is the Florida Office of Insurance Regulation and Florida’s settlement statute that govern the transaction, the required disclosures, and the rescission period — regardless of where the carrier is domiciled. Provider and broker licensing is checked against your state, not Assurity’s.

Situation with your Assurity term policy	Is a settlement realistic?	Better first move
Conversion right still open, face $250K+, insured 70+ with health issues	Yes — worth a review	Get written conversion terms, then have it reviewed before converting
Conversion right open, but face amount under $100,000	Unlikely	Ask about partial conversion or premium reduction
Conversion window already expired	No	Check for a return-of-premium or accelerated benefit rider
Insured is under 65 and in good health	Rarely	Keep the coverage; revisit at the conversion deadline
Insured is terminally or chronically ill	Possibly, as a viatical	Gather medical records; this can move fast
Family still depends on the death benefit	Not the right question	Solve the premium problem, keep the coverage

Who Assurity is, where it is domiciled, and who regulates it

What Assurity’s term block looks like in 2026

Assurity is best known in the insurance market for disability income, critical illness, and accident products; individual life is a real but smaller line for the company. Over the years its term lineup has included traditional fully underwritten level term as well as simplified-issue term marketed under names in the “NonMed Term” family, which were built for smaller face amounts issued without a paramedical exam. Product names, issue ages, and available level periods change from year to year, and we are not going to assert that a specifically named product is still open for new business in 2026 without checking it.

For your purposes it does not matter much. What governs your rights is the form number printed on your policy and the riders attached to it, not the marketing name the product carried when it was sold. Two policies issued three years apart under the same brand name can have materially different conversion provisions if the form number changed. When you request documents from Assurity, give them the policy number and ask for the contract that matches your specific form.

Simplified-issue term deserves a specific warning. Policies issued without an exam are generally capped at modest face amounts — often a few hundred thousand dollars at most, and frequently far less. A face amount below roughly $100,000 falls under the working minimum most institutional buyers apply, and many will not bid at all at that size no matter how favorable the health picture is. We cover that threshold honestly on our page about the minimum policy size for a life settlement. If your Assurity term policy is a $50,000 simplified-issue contract, the realistic answer is usually that no market exists for it, and the useful conversation is about premium relief instead.

The convert-then-review sequence, in order

When an Assurity term policy does have value, the sequence is specific and the order matters. Doing it out of order is how people lose the option.

Confirm the conversion deadline in writing. Get Assurity’s written statement of the last eligible date and the permanent plans available. Nothing useful can be evaluated without it.
Get a permanent-policy quote from Assurity before converting. You need to know what the converted premium will actually be, because that number is a direct input into what any buyer would pay. High post-conversion premiums reduce offers.
Have the policy reviewed while it is still term. This is the part people get backwards. A qualified review can tell you whether the file is likely to attract interest before you commit to a conversion and start paying permanent premiums. Converting first and asking later means you may have spent thousands of dollars to create an asset nobody wants.
Convert only the portion you need. Many conversion provisions allow a partial conversion. Converting $250,000 of a $500,000 term policy and letting the rest run out can be the right call, particularly if some coverage is still genuinely needed by the family.
Complete the conversion, then market the converted policy. Once the permanent contract is issued and in force, the standard process applies: life expectancy underwriting, bids, closing, escrow, and a rescission window set by your state.

Step three is where Pine Lake fits. A free policy review reads the conversion language, the illustration, and the health picture together and tells you which of the five outcomes you are actually in — convert and sell, convert and keep, keep the term as is, use a rider you already own, or let it go. Our page on converting term then selling walks through the same sequence with worked examples.

When the honest answer is that there is no market

We would rather tell you this before you spend money than after. An Assurity term policy is generally not sellable when any of the following is true.

The conversion window has closed. This is final. Carriers do not reopen expired conversion rights, and no broker can negotiate one back into existence. If somebody tells you otherwise, that is a red flag.
The face amount is too small. Below roughly $100,000, most institutional buyers decline to bid because the fixed cost of underwriting, legal review, and ongoing policy servicing does not scale down.
The insured is young and healthy. Pricing in this market is driven by life expectancy. A healthy 58-year-old has a long projected life expectancy, which means decades of premiums for the buyer and a very low present value. That usually produces no offer rather than a low offer.
The converted premium would be extreme. If the only available conversion product carries a premium that consumes most of the policy’s economic value, buyers walk away.
Coverage is still needed. A spouse with no pension survivorship, a special needs child, or a mortgage that outlives you are all reasons the right answer may be to keep the coverage. Selling a policy your family will need is not a win.

In several of those situations there are better moves than a sale. A return-of-premium term rider may pay back premiums at the end of the level period. An accelerated death benefit rider you already own may pay part of the face amount during a serious illness at no additional cost. A partial conversion may cut the premium to something affordable. Those options do not generate a commission for anybody, which is exactly why you should hear about them.

What to send for a review

A meaningful review of an Assurity term policy needs very little paperwork, and none of it is sensitive financial information. Send the policy cover page — the first page of the contract showing the insured’s name, the policy number, the form number, the issue date, the face amount, and the level premium period. Add the most recent premium notice or annual statement, and the conversion rider itself if you can locate it.

From those three documents, a reviewer can determine the remaining level period, whether the conversion right appears open, what face amount is in play, and whether the size clears the market’s working minimum. If the conversion language is ambiguous, the next step is a written request to Assurity rather than a guess.

What you should not send at this stage is a medical file, a Social Security number, or bank information. Nobody needs those to tell you whether a policy is worth pursuing, and being asked for them early is a warning sign. There is also no legitimate reason to pay an upfront fee for a policy evaluation. Pine Lake Life Solutions provides education and a free policy review; we do not provide legal, tax, or investment advice, and decisions with tax or estate consequences should be run past your own CPA or attorney before you sign anything. To reach a reviewer, call (305) 209-7183 with the cover page in front of you.

Frequently Asked Questions

How do I find out if my Assurity term policy is still convertible?

Call Assurity policyholder services with your policy number and ask for a written statement of the conversion expiration date and the permanent plans available to you. Verbal confirmation is not enough. If you cannot locate the contract, request a duplicate at the same time. The conversion provision is in the policy itself, not on your premium notice, and the deadline is often earlier than the end of the level premium period.

Is a term policy with no cash value worth anything?

Cash value is not what buyers pay for. They pay for a death benefit that will eventually be claimed. A term policy with no cash value can still have real value if the conversion right is open and the insured’s health has declined since issue. A term policy with no cash value and no conversion right has essentially no market value, and any offer to buy one should be treated with suspicion.

Does Assurity have to approve the sale of my policy?

Assurity does not approve or deny the transaction itself. Once a sale closes, the carrier processes an ownership and beneficiary change and confirms the new owner of record. Carriers generally must honor a properly executed assignment. Assurity does have to approve the conversion application if you are converting first, but conversion within the rider window does not require new medical underwriting.

Can I convert only part of my Assurity term coverage?

Many conversion provisions permit a partial conversion, meaning you convert a portion of the face amount to permanent coverage and allow the remainder to lapse or continue as term. This is often the smartest structure, because it keeps the converted premium manageable while preserving some coverage for the family. Confirm the minimum conversion amount in writing before you assume it is available on your specific form.

Which state’s rules apply if Assurity is a Nebraska company?

Your state’s rules apply, not Nebraska’s. Life settlement transactions are regulated in the state where the policy owner resides, which determines the required disclosures, the licensing standards for anyone involved, and the length of the rescission period after you sign. The Nebraska Department of Insurance oversees Assurity as a company, but it does not govern your sale of the policy.

What does a free policy review actually involve?

You send the policy cover page and a recent premium notice. A reviewer reads the conversion language, the face amount, the premium structure, and the general health picture, then tells you which realistic options exist, including keeping the policy. There is no fee, no obligation, and no requirement to provide medical records or financial account information at that stage. The number is (305) 209-7183.

Find out what your policy is worth — free, confidential, no obligation.

A 15-minute educational review covers your eligibility, every alternative, and a realistic view of what each path would net you.

Call (305) 209-7183 · Request a review online →

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