Yes – you can sell an Everlake Life guaranteed universal life policy, because the policy belongs to you and a life settlement buyer purchases the contract itself; Everlake’s permission is not required and Everlake is not a party to your decision. What decides the outcome is whether you qualify (generally an insured in their senior years) and whether the policy qualifies (typically a death benefit of $100,000 or more with premiums that still make economic sense).
If the name on your statement looks unfamiliar, there is a simple explanation. Everlake Life Insurance Company is the former Allstate Life Insurance Company. Allstate agreed in 2021 to sell that life business to Everlake US Holdings, backed by Blackstone, and the company was renamed shortly afterward. Policyholders who bought from an Allstate agent years ago now get mail from a company they have never heard of, and the agent who sold the policy is usually long gone. Confirm the current servicing entity and phone number on your latest premium notice, as of 2026.
Guaranteed universal life is the policy type where this matters most, because GUL is built as pure death benefit with almost no cash value. Surrendering it usually returns close to nothing. Pine Lake Life Solutions is not affiliated with, endorsed by, or acting on behalf of Everlake Life Insurance Company or Allstate.
In This Article
- Everlake Was Allstate: Why the Name on Your Statement Changed
- What a No-Lapse Guarantee Actually Guarantees
- Why GUL Surrender Value Is Usually Close to Zero
- One Late Premium Can Break the Guarantee
- How Buyers Price a GUL Policy
- Documents to Gather and What the Process Looks Like
- When a GUL Settlement Makes Sense – and When It Doesn’t
- Frequently Asked Questions
Everlake Was Allstate: Why the Name on Your Statement Changed
Allstate announced in 2021 that it was selling Allstate Life Insurance Company to Everlake US Holdings, an investor group backed by Blackstone. The block was renamed Everlake Life Insurance Company. Nothing in your contract was rewritten in that transaction: the face amount, the guarantee, the premium schedule and the beneficiary designation all carried over exactly as written.
What changed is service. The phone number, the mailing address, the website login and the claim department may all be different from what you remember, and there is usually no agent assigned to you anymore. Before you request anything, dig out your most recent premium notice and use the number printed on it rather than an old business card. Verify the current administrator, the A.M. Best rating and the in-force service line directly with the company as of 2026 – published details change when blocks are transferred.
What a No-Lapse Guarantee Actually Guarantees
A guaranteed universal life policy is universal life with a secondary guarantee bolted on. As long as you pay at least the specified premium on time, the death benefit stays in force to the guarantee age shown in your contract – often 90, 95, 100 or 121 – no matter what happens to the account value inside the policy.
That is the whole product. There is no meaningful savings component, no dividend, and usually no market participation. Read your policy’s specification page and find two numbers: the guarantee age and the required no-lapse premium. Those two numbers describe most of what a settlement buyer will care about.
Why GUL Surrender Value Is Usually Close to Zero
Because GUL is priced as death benefit rather than savings, the account value is deliberately kept thin. Many GUL policies show a cash surrender value of a few hundred dollars, or literally $0, even after fifteen or twenty years of premiums.
That produces a hard truth: if you no longer want the policy, surrendering it hands the coverage back for almost nothing, and simply stopping payment lets it lapse for nothing at all. For a qualifying GUL policy, a life settlement is frequently the only route that recovers real value. Compare the two side by side in our guide to life settlement vs. surrender.
| What You Do With the GUL | What You Get | Coverage After | Typical Fit |
|---|---|---|---|
| Keep paying the no-lapse premium | Nothing now | Full death benefit to guarantee age | Heirs still need the money |
| Stop paying (lapse) | Nothing | None | Almost never the best answer |
| Surrender to Everlake | Cash surrender value, often near $0 | None | Policy too small to settle |
| Life settlement | Lump sum, typically 10-35% of face (GAO-10-775) | None, unless a retained death benefit is used | $100k+ face, senior insured, premium no longer wanted |
One Late Premium Can Break the Guarantee
This is the warning every GUL owner should hear. The no-lapse guarantee is conditional. Pay late, pay short, or skip a payment, and many contracts allow the guarantee to be reduced or permanently voided – even if the policy itself stays in force on its account value for a while afterward.
Most contracts include a catch-up provision: if you pay the shortfall plus accrued interest within a defined window, the guarantee can be restored. Miss that window and reinstatement may require new evidence of insurability, which defeats the purpose for anyone whose health has declined. If you think you have missed a payment, call the service number and ask two specific questions: is my secondary guarantee still intact, and what exact dollar amount restores it? Get the answer in writing.
How Buyers Price a GUL Policy
Settlement buyers price GUL on the guarantee, not on cash value. The core question is: what is the smallest premium that keeps this death benefit alive to the guarantee age, and how long is the insured’s life expectancy relative to that?
A GUL with a long guarantee period, a low required premium and an intact no-lapse rider is one of the more attractive things in the secondary market. A GUL whose guarantee has been broken is much harder to price, because the buyer is now carrying lapse risk. Published market data from the federal GAO study (GAO-10-775) put typical settlement proceeds at roughly 10% to 35% of face value, and around 4 to 8 times cash surrender value – and with a GUL, the surrender-value comparison is often close to meaningless because the surrender value is near zero.
Documents to Gather and What the Process Looks Like
Start with two documents, and only two:
- Your most recent annual statement, which shows the face amount, account value, surrender value and premium history.
- An in-force illustration from Everlake’s service center, run to show the minimum premium needed to carry the policy to the guarantee age. This is the single most important document in a GUL settlement. See what an in-force illustration is.
To find out whether a review is even worth doing, all you need is the policy cover page – the first page showing the insurer, policy number, face amount and issue date. Send that in for a free policy review, or call (305) 209-7183.
From there: documentation and life-expectancy work takes a few weeks, offers follow, contracts and independent escrow come next, and the servicing company records the ownership change before escrow releases funds. Plan on roughly 60 to 120 days end to end, and expect a state-law rescission window after closing.
When a GUL Settlement Makes Sense – and When It Doesn’t
It makes sense when the coverage was bought for a purpose that has passed – a business buyout that never happened, an estate tax exposure that shrank, a spouse who no longer needs the protection – and the premium has become an annoyance or a strain.
It does not make sense when the death benefit is still the plan for your family and the premium is comfortable. GUL is inexpensive permanent coverage; walking away from an intact guarantee is a real cost. And if the face amount is small – a $10,000 or $25,000 final expense-style policy – the settlement market will almost certainly pass, because the fixed transaction costs exceed the value. In that case, keep it, or ask the company about a reduced paid-up or accelerated benefit option instead.
This page is educational only. It is not legal, tax or investment advice, and it is not an offer to purchase any policy. Talk to your own attorney, CPA or financial professional before making a decision.
Frequently Asked Questions
Do I need Everlake’s approval to sell my policy?
No. A life insurance policy is personal property you can transfer, and the buyer purchases the contract from you. Everlake’s role is administrative: it records the new owner and beneficiary once the sale closes. The company is not a party to the decision and does not approve or reject the price.
My policy says Allstate but my bill says Everlake. Is that a problem?
No. Allstate agreed in 2021 to sell Allstate Life Insurance Company to Everlake US Holdings, and the company was renamed Everlake Life Insurance Company. Your contract terms did not change. Confirm the current servicing entity and phone number on your most recent statement as of 2026.
My GUL has almost no cash value. Is it still worth something?
Often yes. GUL is designed with minimal cash value, so surrender pays close to nothing, but the death benefit and its no-lapse guarantee are exactly what settlement buyers want. Value comes from the guarantee period and the required premium, not from the account balance.
I paid a premium late. Did I lose the guarantee?
Possibly, but often it can be repaired. Many contracts let you restore the secondary guarantee by paying the shortfall plus interest within a defined catch-up window. Call the service number, ask whether the guarantee is intact and what exact amount restores it, and get the answer in writing.
What is the minimum policy size?
Pine Lake works with policies of $100,000 or more in death benefit. Smaller policies – including most final expense coverage – generally cannot be settled because the fixed costs of underwriting, medical review and closing exceed what the policy is worth to a buyer.
How long does the whole thing take?
Roughly 60 to 120 days from first review to funded payment. Gathering the in-force illustration and medical records is usually the slowest part. Funds should sit with an independent escrow agent until the servicing company confirms the ownership change.
What do I send to get a free review started?
Just the policy cover page – the first page showing the insurer, policy number, face amount and issue date. That is enough to tell you whether a full review is worth your time. There is no obligation, and you can call (305) 209-7183 with questions first.
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 An In Force Illustration
- Is A Life Settlement Worth It
- Sell My Everlake Life Variable Universal Policy
- Sell My Everlake Life Group 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.