Only if it can still be converted. That is the whole answer, and everything else on this page follows from it. A life settlement buyer is purchasing a death benefit that will eventually be paid. Term insurance, left alone, expires without paying anything — so a term certificate with no conversion right left is a contract that will produce nothing for anyone, and no buyer will pay for it. Not a low offer. No offer.
A term certificate that is still convertible is a different asset entirely. The buyer acquires it, exercises the conversion into a permanent contract with no new medical underwriting, and then owns something that pays at death. That conversion right is the value. It is also the thing with a deadline attached, and the deadline is usually earlier than people assume — commonly the earlier of the end of the level premium period or a stated attained age such as 65 or 70.
So the first task is not to get a quote. It is to find out, in writing from Gleaner, whether your conversion right is still open and exactly when it closes. Everything after that is negotiable; that date is not.
In This Article
Find the conversion deadline before you do anything else
Call Gleaner Life’s home office in Adrian, Michigan and ask for a written statement covering four items:
- Is the conversion privilege still available on this certificate? Yes or no, as of today’s date.
- What is the last date it can be exercised? Ask them to state it as a calendar date, not a formula.
- Which permanent plans is it convertible into? Many carriers restrict conversions to a designated product rather than the full current portfolio, and the designated product’s pricing drives what the converted contract will cost to carry.
- Is partial conversion permitted, and is there a minimum? Converting a slice of a large term certificate is often the practical route.
Get this in writing. A phone answer from a service representative who is reading a screen is not something a buyer’s counsel will rely on at closing, and conversion rights are exactly the kind of detail that varies between certificate series issued in different years.
If the answer is that the privilege has expired, the honest conclusion is that the certificate has no market value and the discussion should move to what coverage you actually need going forward. Our page on how a term conversion rider works explains the mechanics in detail.
Why the deadline comes early
People routinely assume a 20-year level term certificate is convertible for 20 years. It usually is not. Two limits typically apply at once, and whichever arrives first controls:
A conversion period shorter than the level period. A 20-year term product may allow conversion only during the first 10 or 15 certificate years. The premium stays level for the full 20; the conversion right quietly closes years earlier.
An attained-age cutoff. Many contracts end the privilege at attained age 65 or 70 regardless of how many years remain in the level period. Someone who bought 30-year term at 45 may find the right ended at 65, with a decade of level premium still running.
This creates the situation that matters most for a settlement: a 68-year-old holding a $500,000 term certificate with seven years of level premium left and an expired conversion right owns a contract with real personal value and zero market value. A 63-year-old holding the same certificate with the privilege open for two more years owns something a buyer will pay for. Same face amount, same premium, entirely different outcome — decided by a date printed in the contract.
If the level period is ending soon and the certificate is still convertible, treat that as a short runway. Underwriting, offers, and closing on a settlement take three to four months. Starting six weeks before a conversion deadline usually does not work.
What Gleaner term coverage actually is
Gleaner Life Insurance Society, organized in 1894 and headquartered in Adrian, Michigan since 1981, is a fraternal benefit society rather than a stock or mutual insurer. It is domiciled in Michigan and supervised by the Michigan Department of Insurance and Financial Services, under Chapter 81A of the Michigan Insurance Code of 1956 — the chapter written specifically for fraternal societies.
Term life is one of the products Gleaner markets as of 2026, alongside universal life, the Blueprint Whole Life Series, Strategic Choice Indexed Universal Life, and a juvenile plan. Because Gleaner has been writing coverage since the nineteenth century, its in-force term block spans many product generations, and the conversion terms in a certificate issued in 1998 may look nothing like one issued in 2020.
Two features of fraternal status are worth knowing while you evaluate options. Your contract is a certificate of membership, and the society’s articles and bylaws are incorporated into it by reference — so the operative terms are not entirely contained in the document you are holding. And fraternal benefit society certificates are generally not covered by state life and health insurance guaranty associations, the backstop that applies to ordinary life insurers. Neither fact prevents a conversion or a sale. Both are things a careful owner should know.
| Certificate status | Marketable? | Best next step |
|---|---|---|
| Convertible, 2+ years of runway, insured 65+ with health impairments | Yes — strongest term profile | Request in-force and conversion statement, then a review |
| Convertible but under 6 months of runway | Difficult — timeline may not fit | Ask about partial conversion immediately |
| Convertible, insured under 65 and healthy | Usually no | Keep the coverage; revisit later |
| Conversion privilege expired | No — essentially no market value | Check acceleration riders; decide on affordability |
| Level period already ended, annual renewable premiums | No | Compare renewal cost against new coverage |
| Inside the 2-year contestability period | No buyer will close | Wait out the period if the privilege allows |
Convert first, or sell the term certificate as-is?
Both routes end in the same place — a permanent contract someone owns — but the cash flow and the risk differ.
Selling the term certificate before conversion. The buyer takes the certificate, converts it, and pays the permanent premiums from that point forward. You never fund a permanent premium out of your own pocket. Offers are quoted net of the buyer’s projected conversion cost, so a term file typically prices below an equivalent permanent policy. The advantage is that you carry no premium risk and no conversion execution risk.
Converting first, then selling. You exercise the conversion, pay at least one permanent premium, and market a permanent contract. Some sellers get a better gross number this way because the buyer is no longer pricing in conversion uncertainty. The risks are real: you spend your own money on a permanent premium that may be several times the term premium, and if no acceptable offer arrives you are holding an expensive contract you did not want. Do not convert on the strength of an informal indication that a settlement will materialize.
Partial conversion. Frequently the best of both. Convert only the amount of coverage the family genuinely needs to keep, and let the balance go — or market the balance. This requires the certificate to allow partial conversion, which is question four on the list above.
Compare all of it against simply keeping the coverage. A term certificate at an old rate class, still inside its level period, on someone whose health has since declined, is frequently the cheapest death benefit that person will ever be able to buy. See settlement versus conversion and settlement versus keeping the policy.
What makes a convertible term file attractive to a buyer
Assuming the conversion right is open, buyers weigh roughly the same variables they weigh on any file, with term-specific emphasis:
- Face amount. Most providers set a $100,000 floor and many prefer $250,000 or more. Term certificates are often large, which is why this category works at all.
- Insured’s age and health. The market concentrates on insureds past 65 with a shortened life expectancy relative to the standard table. A healthy 62-year-old with a clean history will usually not clear the bar, however convertible the certificate is. See health requirements for a life settlement.
- Cost of the converted contract. The buyer models what the permanent premium will be at the insured’s current attained age. Where the conversion lands on an expensive chassis, the offer drops.
- Time remaining on the privilege. A file with two years of runway is far easier to close than one with sixty days.
- Contestability. Two years from issue in most states, restarting after a reinstatement. Buyers will not close inside it.
A realistic expectation: convertible term settlements generally price at a lower percentage of face amount than seasoned permanent policies with the same insured, because the buyer is absorbing the conversion cost. That is still meaningfully better than the nothing a term certificate pays when it expires.
If the conversion right is gone
Say it plainly: an unconvertible term certificate has essentially no market value. What remains is worth checking anyway, because two things sometimes turn up.
First, riders. Some term contracts carry an accelerated death benefit for terminal illness at no extra premium. If a physician has given a prognosis measured in months, that rider can pay a discounted portion of the face amount while the insured is living, and it does not require a buyer or a market. Read the rider schedule. See how acceleration riders work.
Second, a serious terminal or chronic diagnosis moves the analysis into viatical territory, where the pricing model is different and — in narrow circumstances — an unconvertible term certificate with substantial level premium remaining has been transacted. This is uncommon and depends heavily on the years left in the level period and the prognosis. It is worth one phone call before you conclude the answer is no.
Otherwise, the decision is about coverage, not cash: keep paying if the family needs the protection and the premium is affordable, or stop and redirect the money. Do not let a certificate lapse while a diagnosis is pending without asking the question first.
Pine Lake Life Solutions does not purchase policies and is not licensed in every state. We provide education and a free policy review: send the certificate cover page and Gleaner’s written conversion statement, and we will tell you where the certificate actually stands — including when the answer is that there is nothing to pursue. Call (305) 209-7183.
Frequently Asked Questions
How do I find out if my Gleaner term certificate is still convertible?
Ask Gleaner’s home office in Adrian, Michigan for a written statement giving the conversion privilege status, the last calendar date it can be exercised, which permanent plans it converts into, and whether partial conversion is allowed. A verbal answer from a service representative is not enough for a buyer’s counsel at closing.
Why would a conversion deadline be earlier than the end of my level period?
Two limits typically apply and the earlier one governs. Many products allow conversion only during the first 10 or 15 certificate years of a 20 or 30 year level period, and many also end the privilege at attained age 65 or 70. A 30-year term bought at 45 can lose the right at 65 with a decade of level premium still running.
Should I convert my term policy before trying to sell it?
Usually not on speculation. Converting means paying a permanent premium that may be several times the term premium, and if no acceptable offer arrives you are holding a contract you did not want. Buyers routinely purchase convertible term and handle the conversion themselves, pricing the conversion cost into the offer.
What is an unconvertible term policy worth on the settlement market?
Essentially nothing. A buyer is purchasing a death benefit that will eventually be paid, and term coverage with no conversion right expires without paying. The narrow exception is a viatical case with a terminal prognosis and substantial level premium remaining, which is uncommon and depends on the specific facts.
Is Gleaner Life a regular insurance company?
It is a fraternal benefit society, domiciled in Michigan and regulated by the Michigan Department of Insurance and Financial Services under Chapter 81A of the Insurance Code of 1956. Your contract is a certificate of membership rather than a policy, and fraternal certificates are generally outside state guaranty association protection.
Can I convert only part of my term certificate?
Often yes, subject to a minimum face amount, but it depends on the certificate series. Partial conversion is frequently the most practical route: convert the coverage the family genuinely needs to keep permanently, and let the remainder lapse or be marketed. Confirm in writing with the carrier before planning around it.
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Related Reading
- What Is A Term Conversion Rider
- Life Settlement Vs Term Conversion
- Sell Term Life Policy
- Can I Sell A Term Life Insurance Policy
- Health Requirements For A Life Settlement
- What Is An Accelerated Death Benefit Rider
- Life Settlement Vs Keeping The Policy
- Sell My Gleaner Life 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.