Yes — a whole life policy issued or administered under the Athene name can be sold in a life settlement if you and the policy qualify, and no carrier’s permission is needed, because the buyer purchases the contract from you rather than from the insurer. The company’s role is administrative: recording the new owner and beneficiary after closing.
Athene is an unusual case, though, and the first thing to sort out is who actually holds your policy today. Athene grew primarily as an annuity company, largely by acquiring and reinsuring blocks of business rather than by writing much retail life insurance of its own. It acquired Aviva USA in October 2013 and renamed the Iowa company Athene Annuity and Life Company — a company whose own history runs back through Aviva Life and Annuity, AmerUs Group, and Indianapolis Life. Then, in the same 2013 transaction, Athene sold most of the acquired life insurance business to Accordia Life and Annuity Company, part of Global Atlantic Financial Group, with the final policies transferring in early 2016.
Translation: if you own a whole life policy connected to Athene, there is a strong chance Accordia Life services it now, and the original policy may say AmerUs, Indianapolis Life, or Aviva on the cover. Verify who administers yours before doing anything else. None of it changes your right to sell. Pine Lake Life Solutions is not affiliated with Athene, Accordia Life, Global Atlantic, or Apollo.
In This Article
Athene, Accordia, and the Names on Your Paperwork
Few carriers confuse policyholders more than this chain of ownership, so it is worth laying out plainly. AmerUs Group was acquired by Aviva plc in 2006 and renamed Aviva Life and Annuity Company; Indianapolis Life and an affiliated Aviva company were merged into it in 2008. Athene Holding acquired Aviva USA in October 2013 and renamed the Iowa entity Athene Annuity and Life Company that December. Athene then sold the bulk of the acquired life insurance business to Accordia Life and Annuity Company, a Global Atlantic subsidiary, administering it during a transition period until the last affected policies moved in early 2016. Verify the specifics for your own policy — block transfers are documented policy by policy.
Separately, Athene Holding combined with Apollo Global Management in a merger completed in January 2022, making Athene part of the Apollo group; verify the current corporate structure as of 2026. Athene today is overwhelmingly an annuity and retirement services business rather than a retail life insurer.
What this means for you is simple and practical: call the service number on your most recent statement, not the number on a decades-old policy jacket, and ask which company is the current administrator and current owner of record. Get it in writing. Every document request that follows goes to that company.
Why the Servicing Question Matters for a Sale
A life settlement requires paperwork filed with whichever company administers the policy: a change of ownership or absolute assignment, a beneficiary change, and written confirmation that both were recorded. If you send those forms to the wrong company, they do not get returned quickly — they get lost in a queue, and closings slip by weeks.
Ask the administrator four questions early: What forms are required for a change of ownership? What is the typical processing time? Will you confirm the recorded owner in writing? Is there a medical authorization form you require in addition to a standard HIPAA release? Escrow normally will not release your money until that written confirmation exists, so this is a genuine step in the timeline.
On financial strength, 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. After a sale, carrier risk transfers to the buyer, so this is context rather than an obstacle for a seller.
Reading the Cash Surrender Value Column
Whole life is the design with a guaranteed floor, and knowing where that floor sits is the single most useful thing you can do before talking to anyone. Your annual statement has a column labeled cash value and, usually, a separate one for cash surrender value — the second is what you would actually receive if you handed the policy back, after any surrender charge and after subtracting loans.
That surrender figure is the number a settlement offer must beat. Surrendering is easy and certain; selling only makes sense if the offer clears the floor by a meaningful margin after any fees. What surrender value is not is a measure of what the policy is worth to a buyer — buyers price the death benefit and the cost of carrying it, which is why a settlement can exceed surrender value substantially.
The federal Government Accountability Office’s study of the market (GAO-10-775) found sellers typically received about 10% to 35% of face value, roughly four to eight times what surrendering would have paid. Those are broad averages across many transactions, not a quote for your policy, and many policies do not qualify at all. See what cash surrender value is and our settlement vs. surrender comparison.
| Name on Your Documents | What It Usually Indicates | What to Do |
|---|---|---|
| AmerUs Group or Indianapolis Life | An older legacy block that changed hands more than once | Confirm the current administrator in writing |
| Aviva Life and Annuity | The 2006–2013 name of the Iowa company | Ask who services the policy today |
| Athene Annuity and Life Company | The renamed Iowa company after the 2013 acquisition | Verify whether the life block moved to Accordia |
| Accordia Life and Annuity | Global Atlantic subsidiary that took most of the acquired life business | Direct all document requests here |
| Statement name differs from policy jacket | Normal after a block transfer | Trust the most recent statement, then confirm by phone |
Paid-Up Additions and Dividends
If your whole life policy is participating, dividends are not guaranteed but historically have been paid, and how you elected to use them changes both what the policy is worth and what a buyer sees.
- Paid-up additions. Dividends purchase small blocks of fully paid coverage each year. Over thirty years this quietly raises both the death benefit and the cash value, and many owners are genuinely surprised by how much a policy has grown.
- Premium reduction. Dividends offset your annual bill, lowering your cost and a buyer’s future carrying cost.
- Accumulate at interest. A side account you can withdraw independently of the policy’s guaranteed values.
- Paid in cash. Sent to you each year, with no effect on policy values.
Legacy blocks that have moved between companies sometimes have dividend histories that are hard to reconstruct, so ask the current administrator for a statement showing the dividend election, the accumulated paid-up additions, and the current total death benefit including those additions. That total, not the original face amount printed on the cover page, is what matters.
Loans Reduce What You Net
An outstanding policy loan plus accrued interest is deducted from the death benefit, which means it comes straight off any settlement offer. On older whole life policies this is a frequent surprise. A loan taken in the 1990s to cover a premium, never repaid, compounds quietly for decades and can consume a large share of the policy’s value.
Ask for the current loan balance in writing, including accrued interest to a specific date, before you form an expectation about proceeds. If the balance is large relative to the face amount, there may be too little left for a transaction to make sense for either side — and that is worth knowing in week one rather than week ten. Our explainer on how a policy loan works covers the mechanics.
Also ask whether any automatic premium loan provision has been triggered. Some policies quietly borrow against cash value to pay missed premiums, which keeps coverage in force while steadily building a loan balance the owner never requested.
Documents and the Process
To find out whether a sale is realistic, one page is enough to start: the policy cover page showing the insurer name, policy number, face amount, and issue date. If it looks like a candidate, gather the most recent annual statement and request an in-force illustration from the current administrator.
From there:
- Free review (days). A specialist screens the policy against buyer criteria.
- Documentation (2–4 weeks). In-force illustration, medical records, life-expectancy estimates. You will sign a HIPAA authorization — it should be specific and revocable rather than open-ended.
- Written offer. If a broker is involved, ask for both the gross offer and your net after commissions — see what a life settlement broker does.
- Escrow, transfer, funding. Money sits with an independent escrow agent until the administrator confirms the ownership change. Never sign ownership over first.
- Rescission window in most states after funding.
Plan on 60 to 120 days. Buyers generally look for a death benefit of $100,000 or more and an insured in their senior years; see what policies qualify.
When Keeping the Policy Is the Better Decision
Whole life earns its keep when someone still needs the money it will pay. If a surviving spouse, a dependent adult child, or an estate liquidity need still depends on the death benefit and the premium is affordable, keep the policy. If it is already paid up and costing you nothing, selling means giving up a free asset. If the premium alone is the problem, ask the administrator to quote reduced paid-up insurance — you stop paying and keep a smaller, fully paid death benefit for life, with no sale required. Our policy options overview lays out the alternatives.
A settlement makes sense in the opposite case: coverage whose purpose has passed, premiums that have become a strain, or a real need for cash now — most often to fund assisted living or in-home care, or to convert an asset ahead of a Medicaid spend-down, where the rules in the Medicaid look-back period deserve an elder law attorney’s review. Proceeds may be taxable and can affect means-tested benefits; talk to your own tax advisor.
If you also hold Athene-related universal life or term coverage, see our guides to selling an Athene universal life policy or an Athene term policy. For a free policy review, send the cover page or call (305) 209-7183.
Frequently Asked Questions
My policy says Athene but my statements say Accordia. Which is right?
Both can be part of the same history. Athene acquired Aviva USA in 2013 and sold most of the acquired life insurance business to Accordia Life and Annuity, a Global Atlantic company, with the final transfers completing in early 2016. Your contract and your rights are unchanged; only the servicing company differs. Confirm your administrator by phone.
Do I need the insurer’s permission to sell my whole life policy?
No. The policy is your property and a buyer purchases the contract from you rather than from the carrier. The company records the change of ownership and beneficiary after closing. You will need current policy figures and an in-force illustration from whoever administers it, but not their consent.
How do I read the cash surrender value on my statement?
Look for the column labeled cash surrender value rather than cash value — the surrender figure reflects any surrender charge and subtracts outstanding loans. That is what the carrier would actually pay you to cancel the policy, and it is the number any settlement offer needs to beat by a meaningful margin.
What are paid-up additions and why do they matter?
If your policy is participating, dividends may have been buying small blocks of fully paid coverage every year, increasing both the death benefit and the cash value over decades. Ask your administrator for the current total death benefit including additions, since it can be well above the original face amount on the cover page.
Will an old policy loan stop the sale?
Usually not, but it reduces what you receive, since the loan plus accrued interest is deducted from the death benefit and therefore from any offer. Old loans compound quietly for decades. Ask for the balance in writing, and check whether an automatic premium loan provision has been adding to it without your knowledge.
How much more than surrender value might I receive?
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, not a quote, and many policies do not qualify at all. Age, health, face amount, premiums, and existing loans all affect the result.
What is the simplest way to find out if my policy qualifies?
Send the policy cover page — the page showing the insurer, policy number, face amount, and issue date. That alone is enough for a free, no-obligation review. Most institutional buyers look for a death benefit of at least $100,000 and an insured in their senior years.
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 Is Cash Surrender Value
- What Is A Policy Loan
- How It Works Policy Options
- Sell My Athene Universal 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.