Yes — if you hold an indexed universal life policy, it can be sold in a life settlement when the policyholder and the policy qualify, and the carrier’s permission is not required. A life insurance contract is transferable property belonging to its owner, and at closing the insurer simply records a new owner and beneficiary. But with Athene there is an unusual first step, and skipping it wastes weeks: confirm that what you own is actually life insurance and not an annuity.
Athene Annuity and Life Company, headquartered in West Des Moines, Iowa, was founded in 2009 and merged with Apollo Global Management in 2022. Its business has been overwhelmingly built on retirement savings products — fixed indexed annuities, multi-year guaranteed annuities, pension risk transfer and funding agreements. Verify with Athene directly whether it currently issues, or has ever issued to you, a retail indexed universal life policy; if your contract is a fixed indexed annuity rather than IUL, the entire settlement analysis on this page does not apply to it. Say that plainly to any salesperson who tells you otherwise.
The distinction is easy to miss because both products use the same vocabulary: index crediting, caps, participation rates, and a 0% floor. The difference is what the contract pays and to whom. Indexed universal life pays a death benefit to a beneficiary and charges monthly cost of insurance for that promise. A fixed indexed annuity pays you an income or an accumulated value and carries no cost of insurance. Only the first can be sold in a life settlement. Pine Lake Life Solutions is not affiliated with Athene or Apollo.
In This Article
- How to Tell an IUL From a Fixed Indexed Annuity in Two Minutes
- If You Do Hold Indexed Universal Life
- Where Your Policy May Have Come From
- The In-Force Illustration Settles Every Argument
- How Buyers Price a Qualifying Policy
- The Honest Alternatives
- Getting a Straight Answer
- Frequently Asked Questions
How to Tell an IUL From a Fixed Indexed Annuity in Two Minutes
Open the contract to the first page and look for three things. A stated face amount or death benefit means life insurance. A named insured, whose age and health were underwritten, means life insurance. A monthly cost-of-insurance deduction on the annual statement means life insurance.
Now the annuity markers: an accumulation value with a surrender charge schedule that declines over a set number of years; a market value adjustment; an income rider with a benefit base; a named annuitant rather than a named insured; and no cost-of-insurance charge anywhere. If your document has those features and no death benefit line, you hold an annuity. It may be a perfectly good asset, but it is not a life settlement candidate. See life settlement vs. annuity and selling an annuity compared.
If You Do Hold Indexed Universal Life
Then the standard analysis applies. An IUL credits interest linked to an index — usually the S&P 500 price return, which excludes dividends — subject to a cap and a participation rate, with a floor typically at 0%. Against that credit the policy deducts monthly cost of insurance, per-thousand charges and rider fees. Carriers can lower current caps and raise current COI rates on in-force contracts within guaranteed limits.
The failure pattern is consistent across every carrier: several 0% crediting years, a drifting cap, and attained-age cost of insurance that rises fastest when the account value is smallest. Charges exceed credits, the account value falls, and the projected lapse year moves closer. See indexed universal life explained and why universal life costs rise.
Where Your Policy May Have Come From
Insurance companies acquire and reinsure blocks of business routinely, and owners frequently find a familiar contract now serviced by a company they never chose. If your policy arrived at Athene through such a transaction, the terms and guarantees written at issue continue unchanged; the servicing arrangements are what moved.
Confirm two facts before filing any form: which legal entity issued the policy, and which entity administers it today. Those may be different, and forms sent to the wrong one simply come back. Our guides to policies that changed hands and confirming a policy is still in force lay out the calls to make.
| Feature on Your Document | Indexed Universal Life | Fixed Indexed Annuity |
|---|---|---|
| Stated death benefit / face amount | Yes | No (may have a return-of-value death benefit) |
| Named insured, medically underwritten | Yes | No — there is an annuitant instead |
| Monthly cost-of-insurance charge | Yes | No |
| Surrender charge schedule by year | Sometimes | Almost always |
| Income rider with benefit base | No | Common |
| Can be sold in a life settlement | Yes, if it qualifies | No |
The In-Force Illustration Settles Every Argument
If you have life insurance, request an in-force illustration on current assumptions and a second on guaranteed assumptions. It is free to the owner. If the service center tells you the contract does not support an in-force illustration and instead offers an annuity statement of values, that is another strong signal about what you actually hold.
For a genuine IUL, read the projected lapse year in each column and the annual premium required to carry the policy to maturity. That premium figure is what a settlement buyer models as their cost of ownership, and it is the hinge of the keep-or-sell decision. See in-force illustrations explained.
How Buyers Price a Qualifying Policy
The model is expected net death benefit, minus projected premiums to keep the policy in force, discounted to present value at the buyer’s required rate of return, spread across the duration range in an independent life-expectancy report generated from records you release under a HIPAA authorization.
Typical qualifying profile in 2026: insured 65 or older or younger with meaningful health impairment, death benefit of $100,000 or more, policy past the two-year contestability period, and a premium load the owner no longer wants. The GAO’s market study (GAO-10-775) found sellers of qualifying policies typically received roughly 10% to 35% of face value, several times cash surrender value. See how buyers price a policy and minimum policy size.
The Honest Alternatives
Reduce the face amount to lower monthly charges. Use a 1035 exchange to move value into a different life contract without triggering income tax — note that exchanges between annuities and life insurance are treated differently under the tax code, so get advice specific to your contract type. Surrender if the policy is small and the market has no interest. Ask about a retained death benefit if you want premiums to end while heirs keep part of the coverage.
And if the coverage is still needed and affordable, keep it. That is a legitimate outcome and any honest reviewer will say so rather than manufacturing a reason to transact. See when keeping the policy wins and Athene universal life.
Getting a Straight Answer
Send the policy cover page — issuing company, policy number, face amount, issue date — and request a free policy review. The very first thing a review will do is identify what kind of contract you hold, which resolves the annuity-versus-life question at no cost. There is no obligation. Call (305) 209-7183 if you would rather talk it through.
If a genuine life policy proceeds, expect 60 to 120 days. Medical record collection and independent life-expectancy reports take the longest. Offers come in writing, closing proceeds are held by an independent escrow agent until the carrier confirms the ownership change, and most states provide a rescission window after funding — confirm the rule in your state. This page is educational only and is not legal, tax, or investment advice.
Frequently Asked Questions
Does Athene issue indexed universal life insurance?
Athene’s business has been built primarily on annuities and retirement products rather than retail life insurance. Confirm directly with Athene whether it issues or has issued an indexed universal life policy to you. If your contract is a fixed indexed annuity, it cannot be sold in a life settlement.
How do I know whether I have life insurance or an annuity?
Look for a stated death benefit, a named insured who was medically underwritten, and a monthly cost-of-insurance charge. Those indicate life insurance. Surrender charge schedules, benefit bases and a named annuitant with no cost-of-insurance charge indicate an annuity.
Can I sell an annuity the way I would sell a life insurance policy?
No. A life settlement is the sale of a life insurance policy’s death benefit. Annuities are different contracts with different exit options such as surrender, annuitization or, in some cases, structured settlement style transactions. Get advice specific to the contract you hold.
Is Pine Lake affiliated with Athene?
No. Pine Lake Life Solutions is not affiliated with, endorsed by, or acting on behalf of Athene Annuity and Life Company or Apollo Global Management. The name is used only to identify the type of contract being discussed.
Do I need the carrier’s permission to sell a life policy?
No. A life insurance policy is transferable personal property. The insurer records the new owner and beneficiary after closing and does not approve or block the sale.
My policy came to Athene from another company. Does that matter?
Not to your contract terms. Blocks of business are routinely acquired or reinsured, and the guarantees written at issue continue unchanged. Confirm which entity issued the policy and which one administers it today before filing any forms.
How much can a qualifying life policy sell for?
The federal GAO market study found sellers typically received roughly 10% to 35% of face value, often several times cash surrender value. Life expectancy, net death benefit and the premium required to sustain the policy drive the actual number.
What should I send to find out what I have?
The cover page of the contract, showing the issuing company, contract or policy number, and any stated face amount. A free review will identify the product type and whether a settlement is even possible. Call (305) 209-7183 with questions.
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.
Related Reading
- What Is Indexed Universal Life
- Life Settlement Vs Annuity
- Life Settlement Vs Selling An Annuity
- Universal Life Cost Increases
- Carrier Merged Who Owns Policy
- How To Find Out If A Policy Still Exists
- What Is An In Force Illustration
- How Buyers Price A Policy
- Minimum Policy Size For A Life Settlement
- Sell My Athene Universal Life Policy
Pine Lake Life Solutions does not purchase life insurance policies and does not provide legal, tax, or investment advice. Information provided is for educational purposes only. Eligibility for any option, including life settlements, is not guaranteed and depends on individual circumstances, policy terms, underwriting, and market conditions. Consult independent legal, tax, or financial professionals before making decisions regarding a life insurance policy.