Yes — a universal life policy connected to Athene can be sold in a life settlement when you and the policy qualify, and the insurer’s permission is not required, because the buyer purchases the contract from you rather than from the carrier. Universal life is the single most common candidate in the secondary market, and for good reason: it is the design most likely to become unaffordable exactly when the owner is least able to replace it.
Before anything else, though, find out who administers your policy. Athene built itself as an annuity and retirement company that grew mainly by acquiring blocks rather than writing much retail life insurance. It acquired Aviva USA in October 2013, renaming the Iowa company Athene Annuity and Life Company — a company whose lineage runs back through Aviva Life and Annuity, AmerUs Group, and Indianapolis Life. Athene then sold most of the acquired life business to Accordia Life and Annuity Company, part of Global Atlantic, with the final policies transferring in early 2016. Many owners of “Athene” life policies are in fact Accordia policyholders today; verify yours.
This guide covers why universal life ends up on the market, what the in-force illustration reveals, the documents to gather, and when selling is genuinely the wrong move. Pine Lake Life Solutions is not affiliated with Athene, Accordia Life, Global Atlantic, or Apollo.
In This Article
Which Company Actually Holds Your Policy?
The chain matters because your paperwork goes to whoever administers the contract today. AmerUs Group was acquired by Aviva plc in 2006 and renamed Aviva Life and Annuity Company; Indianapolis Life and an affiliated company merged into it in 2008. Athene Holding acquired Aviva USA in October 2013 and renamed the Iowa entity that December. In the same period Athene sold the bulk of the acquired life insurance business to Accordia Life and Annuity, administering it during a transition until the last policies moved in early 2016. Athene Holding itself combined with Apollo Global Management in a merger completed in January 2022; verify the current structure as of 2026.
Practically: use the phone number on your most recent statement, not the one printed on a policy jacket from 1998. Ask for confirmation in writing of the current administrator, the current owner of record, the face amount, the account value, the cash surrender value, and any loan balance. Every later document request goes to that same company, and sending forms to the wrong one costs weeks.
AM Best has rated Athene entities in the A+ range in recent years; Accordia and Global Atlantic carry their own ratings. Verify whichever applies to your policy as of 2026. Once a settlement closes, carrier risk sits with the buyer, so this is context rather than a barrier for a seller.
Why Universal Life Becomes Unaffordable
Universal life works like a bucket. Premiums flow in, interest is credited, and every month the insurer deducts a cost-of-insurance charge plus expenses. That charge is priced off the insured’s age, so it rises every year — gently at first, then sharply once the insured is in their seventies and eighties.
Policies sold in the 1980s, 1990s, and early 2000s carry a second problem stacked on the first. Many were illustrated using crediting rates far above what carriers pay today, so the account value never grew the way the original sales illustration promised. Decades later, the shortfall arrives as a letter saying the policy will lapse unless a much larger premium is paid — often several times what the owner has been paying.
Legacy blocks that have moved between companies can feel especially opaque at that moment, because the owner is now dealing with a company they never chose. The choices are the same regardless: pay much more, let it lapse for nothing, surrender for whatever small cash value remains, or sell. A buyer takes over the premiums and collects the death benefit later, which is why they can pay for a policy that no longer works for you.
The In-Force Illustration Is the Whole Ballgame
For universal life, one document does most of the work. Request an in-force illustration from your current administrator, and do not settle for the default version. Ask for:
- Current assumptions — today’s crediting rate and today’s charges, showing the realistic year the policy lapses at your current premium.
- Guaranteed assumptions — minimum crediting rate and maximum contractual charges, showing the earliest the policy could fail.
- Premium solves — the annual premium required to carry the policy to ages 90, 95, and 100.
The distance between those figures is where a buyer’s valuation lives. A policy projected to lapse in four years is a fundamentally different asset from one that runs to age 100 on what you already pay. Request it early: carriers commonly take one to three weeks to produce it, and it is usually the longest step in the process.
Pair it with the latest annual statement, which shows the face amount, account value, surrender value, loan balance, and the charges deducted over the past year — often the first place an owner actually sees the cost of insurance climbing.
| What You Request | What It Reveals | Typical Wait |
|---|---|---|
| Confirmation of current administrator | Where every form and request must be sent | Same call |
| Latest annual statement | Face amount, account value, surrender value, loan | Days |
| In-force illustration, current assumptions | Realistic lapse year at today’s premium | 1–3 weeks |
| In-force illustration, guaranteed assumptions | Worst-case failure date | 1–3 weeks |
| Premium solve to age 100 | Cost of keeping the death benefit for life | 1–3 weeks |
| Change-of-ownership requirements | Forms and processing time for closing | Same call |
Loans, Withdrawals, and Riders
Three items regularly shrink what a seller nets, and all three should be confirmed before you attach yourself to a number.
- Outstanding loans. A loan plus accrued interest reduces the death benefit and is deducted from any offer. On older policies, small loans from decades ago compound quietly. Ask whether an automatic premium loan provision has been borrowing against cash value to cover missed premiums — see how a policy loan works.
- Partial withdrawals. On most universal life designs these permanently reduce the face amount, and buyers price the reduced figure.
- Riders. Term riders and waiver-of-premium provisions may or may not transfer. An accelerated death benefit rider deserves attention first if the insured is terminally ill — it can pay out faster and with far less paperwork than a sale.
Then compare any offer with what surrendering would pay. Our settlement vs. surrender page shows how to run that side by side.
What Buyers Are Screening For
There is no mystery to the criteria. Institutional buyers look for an insured roughly 65 or older, or younger with significant health conditions; a death benefit of $100,000 or more; a policy in force beyond the contestable period; and premiums that are economical relative to the death benefit.
Health drives the price. A settlement is valued on life expectancy, so a shorter estimated life expectancy generally produces a higher offer. That is blunt, but pretending otherwise would not help anyone plan. Across the market, the federal Government Accountability Office’s study (GAO-10-775) found sellers typically received about 10% to 35% of face value, roughly four to eight times cash surrender value. Those are averages across many transactions, not a quote, and a large share of policies do not qualify at all.
The full screen is on our page about what policies qualify for a life settlement, and the education center covers how the market works in more depth.
The Process and Timeline
Selling universal life follows the same sequence at every carrier:
- Free review (days). Send the policy cover page — insurer, policy number, face amount, issue date. That alone is enough for an initial read.
- Documentation (2–4 weeks). In-force illustration from the current administrator, medical records, life-expectancy estimates. You will sign a HIPAA authorization; make sure it is specific and revocable.
- Written offer. Never accept a verbal number. If a broker is involved, ask for the gross offer and your net after commissions — see what a life settlement broker does.
- Escrow and transfer. Funds sit with an independent escrow agent while the administrator records the ownership and beneficiary change. Never transfer ownership against a promise of later payment.
- Rescission. Most states allow a window to unwind the sale after funding — see the rescission period.
Budget 60 to 120 days end to end. Proceeds may be taxable and can affect eligibility for means-tested programs; consult your own tax advisor.
When Not to Sell
Some universal life policies should stay right where they are. If a surviving spouse or dependent adult child still relies on the death benefit and the premium is affordable, keep it. If the policy is well funded and projected to run past age 100 at a modest premium, it is quietly doing exactly what it was bought to do. If the insured has a terminal diagnosis, check the contract for an accelerated death benefit rider before anything else.
The clear cases for selling are the reverse: a policy that has become a cash drain, coverage whose original purpose has passed, or a genuine need for money now — most often to pay for assisted living or in-home care, or to convert an asset ahead of a Medicaid spend-down. Medicaid timing rules are strict; read the Medicaid look-back period and involve an elder law attorney before moving anything.
If you also hold Athene-related whole life or term coverage, see our guides to selling an Athene whole life policy or an Athene term policy. For a free policy review, send the cover page or call (305) 209-7183.
Frequently Asked Questions
Why does my universal life policy say Aviva or AmerUs instead of Athene?
Those are earlier names in the same corporate chain. AmerUs became Aviva Life and Annuity in 2006, Indianapolis Life merged into it in 2008, and Athene acquired Aviva USA in October 2013. Athene then sold most of that life business to Accordia Life, with transfers completing in early 2016. Confirm your current administrator by phone.
Do I need the insurer’s approval to sell?
No. Your policy is your property and the buyer purchases the contract from you rather than from the carrier. The administrator records the change of ownership and beneficiary once the sale closes. You will need policy figures and an in-force illustration from them, but not their consent to the transaction.
Why is universal life the most commonly sold policy type?
Because the monthly cost-of-insurance charge rises with the insured’s age and can outrun the account value. Policies illustrated in the 1980s through early 2000s at crediting rates carriers no longer pay are especially exposed. Owners in their seventies and eighties often face a premium increase of several times what they have been paying.
Which in-force illustration should I request?
Ask for three versions: current assumptions showing the realistic lapse year, guaranteed assumptions showing the worst case, and premium solves to carry the policy to ages 95 and 100. Request them early, since carriers commonly need one to three weeks and this is usually the slowest step in the process.
Does an outstanding loan prevent a settlement?
Usually not, but it lowers your proceeds, because the loan plus accrued interest reduces the death benefit and is deducted from any offer. Also ask whether an automatic premium loan provision has been borrowing against cash value to pay missed premiums, which can build a balance you never requested.
How much could my policy sell for?
The GAO’s market study (GAO-10-775) found sellers typically received about 10% to 35% of face value, roughly four to eight times cash surrender value. Those are broad averages rather than a quote. Age, health, life expectancy, face amount, and the premium required to keep the policy alive all move the number.
How long does the whole process take?
Generally 60 to 120 days from the first review to funded payment. The in-force illustration and medical records take longest. Your money should be held by an independent escrow agent until the administrator confirms the ownership transfer in writing, and most states then provide a rescission window.
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
- Life Settlement Vs Surrender
- What Policies Qualify For Life Settlement
- What Is A Policy Loan
- What Is A Rescission Period
- Sell My Athene Whole Life Policy
- Sell My Athene Term 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.