Yes — a Global Atlantic survivorship (second-to-die) policy can be sold in a life settlement if the contract and both insureds qualify, because the owner of a life policy holds transferable property and the carrier’s permission is not required. The company’s part in the process is administrative: it issues the in-force illustration used to price the policy and records the new owner and beneficiary once the transaction closes.
Global Atlantic Financial Group has roots in a business launched inside Goldman Sachs in 2004 that became independent in 2013, and it expanded into individual life through the acquisition of Forethought Financial Group. Its individual life contracts are commonly issued or administered under the Accordia Life and Annuity Company name, which took on a large block of former Aviva USA life policies. KKR acquired a majority interest in Global Atlantic in 2021 and completed full ownership in January 2024. Because of that history, the name on your annual statement may differ from the name on your original policy jacket — confirm with the servicing company as of 2026 which entity administers your contract.
Below: why second-to-die pricing works differently, the paperwork that matters most on a block that has changed hands, what a first death does to value, and the situations where selling is the wrong call. Pine Lake Life Solutions is not affiliated with Global Atlantic, Accordia Life or KKR, and nothing here is legal, tax or investment advice.
In This Article
- Verify Your Policy Values in Writing First
- Why a Second-to-Die Policy Is Valued Differently
- Signs the Coverage No Longer Fits the Plan
- The First Death Changes the Valuation
- Trust-Owned Policies and the Trustee’s Job
- Qualification Gates and Honest Numbers
- Starting a Free Policy Review
- Frequently Asked Questions
Verify Your Policy Values in Writing First
This is the step that deserves extra attention on a block that has moved between companies. Accordia’s assumption of the former Aviva USA life business was followed by a policy administration system conversion in the mid-2010s that produced well-publicized billing and statement disruptions for some owners. Whatever your individual experience, the practical lesson holds: before making a decision worth tens of thousands of dollars, get the numbers confirmed in writing rather than relying on an old statement or a phone conversation.
Request, in writing, the current face amount and any scheduled changes to it, the account or cash value, the exact loan balance and its interest rate, the premium history including any lapse or reinstatement, and whether any no-lapse or secondary guarantee remains intact. Then request the in-force illustration itself. If two documents disagree, resolve the discrepancy before anything is signed — buyers will find it during underwriting anyway, and finding it late costs weeks.
See what an in-force illustration should contain and what verification of coverage means.
Why a Second-to-Die Policy Is Valued Differently
A survivorship contract pays only after both insureds have died. That single design choice reshapes the economics for anyone buying it. Instead of one life expectancy report, the case needs two, and instead of one mortality curve the buyer models a joint-and-last-survivor curve — the probability that both people have died by each future year.
Because that probability accumulates slowly, the expected payout sits further out than for a single life of the same age. The buyer must therefore fund more years of premiums and apply a heavier discount to the eventual benefit. The result is that survivorship offers, expressed as a percentage of face value, generally come in lower than single-life offers on comparable policies.
Bid depth is the other half of the story. A meaningful share of institutional funders do not underwrite joint mortality, so fewer buyers compete for the case. That is a reason to take the policy to market carefully, not a reason to skip a review. Background: how buyers price policies.
Signs the Coverage No Longer Fits the Plan
Second-to-die policies are bought for a need that arrives at the second death. When that need disappears, the premium keeps arriving anyway. Common triggers:
- Estate tax exposure evaporated. Federal exemption levels have shifted repeatedly and are subject to future legislation; confirm current thresholds with a tax advisor as of 2026, and check whether your state levies its own estate or inheritance tax at a lower threshold.
- The ILIT became overhead. Annual gifting, notices, trustee fees and filings supporting a policy whose purpose has expired.
- The business reason ended. A succession plan completed or a buy-sell agreement unwound.
- Care costs are here now. The benefit arrives at the second death; assisted living bills arrive monthly. See paying for care without LTC insurance.
Each of these is a reason to price the alternatives, not an automatic instruction to sell.
| Item to confirm in writing | Why it matters | Who to ask |
|---|---|---|
| Current face amount and any scheduled change | Sets the ceiling on any offer | Servicing company |
| Account value and surrender value | Establishes the number a sale must beat | Servicing company |
| Loan balance and interest rate | Deducted from gross proceeds | Servicing company |
| Lapse or reinstatement history | Restarts contestability; can forfeit guarantees | Servicing company |
| No-lapse or secondary guarantee status | Materially affects value to a buyer | Servicing company, in writing |
| Owner of record | Determines who signs the sale | Policy records and trust documents |
The First Death Changes the Valuation
When the first insured dies, a survivorship policy becomes, in economic terms, a single-life policy on the survivor. Buyers underwrite one mortality, the expected payout date moves nearer, and the projected premium outlay shrinks. Offers commonly improve, sometimes substantially, especially when the surviving insured is in advanced age or declining health.
Report the death to the servicing company, request an updated in-force illustration reflecting the change, and ask specifically whether the contract carries a policy split option or a provision that responds to estate tax law changes. Then compare paths. What families should not do is surrender or lapse a second-to-die policy simply because the first death produced no payout — the asset frequently reaches its highest market value at exactly that moment. Read the first-death guide.
Trust-Owned Policies and the Trustee’s Job
Where an irrevocable life insurance trust owns the contract, the trustee is the seller and the trust is the recipient of any proceeds. The insureds’ preferences are relevant context but not authority; the trust document governs.
Trustees weighing a sale should assemble a written record: the projected cost of carrying the policy to the joint life expectancy, the surrender value confirmed by the carrier, the offers obtained, and a comparison against the beneficiaries’ interests. The trust instrument must be checked for notice, consent or court-approval requirements, and trust counsel should sign off before documents are executed.
Closing packages typically request the trust agreement and amendments, evidence of trustee authority, the trust EIN, and the history of Crummey notices supporting annual-exclusion treatment of premium gifts. Gaps in that file are a matter for your tax advisor; they slow closings but do not defeat the transfer. More at selling an ILIT-owned policy and selling when you are not the insured.
Qualification Gates and Honest Numbers
The policy must be beyond its two-year contestability window, measured from issue or from any reinstatement — a detail that matters on blocks with reinstatement history. Buyers also rarely engage below a $100,000 death benefit, and small final-expense-scale policies from any carrier almost never attract offers; for those, surrender value or a reduced paid-up option is usually the realistic comparison.
Where a policy does qualify, the federal GAO’s market study (GAO-10-775) found sellers typically received roughly 10% to 35% of face value, and on average about four to eight times cash surrender value. Survivorship contracts generally price at the lower end of that band. Any firm promise made before the illustration and medical files are reviewed should be treated with suspicion. See whether a life settlement is worth it.
Starting a Free Policy Review
The entry point is one page: the policy cover page showing the issuing company, policy number, face amount, issue date and both insureds’ names. From that, a specialist can tell you whether the contract is a realistic candidate. The review costs nothing and carries no obligation, and being told the policy is not marketable is a useful answer too.
If the case advances, plan on 60 to 120 days. Survivorship files run longer because two sets of medical records and life expectancy reports are needed, trust documents may require review, and blocks that have changed administrators sometimes take extra time to produce clean paperwork. Insist on written offers, ask what any intermediary earns, and use an independent escrow agent so funds are held neutrally until the ownership change is recorded. Most states then allow a rescission window.
To begin, send the cover page or call Pine Lake Life Solutions at (305) 209-7183. Pine Lake is not affiliated with Global Atlantic or Accordia Life; this page is educational information only.
Frequently Asked Questions
My policy says Aviva but my statement says Accordia. Which is it?
Accordia Life and Annuity Company took on a large block of former Aviva USA individual life policies, and Accordia operates within the Global Atlantic group. Your contract rights are unchanged; only the servicing company differs. Confirm with the number on your current statement which entity administers your policy as of 2026.
Do I need the carrier’s permission to sell?
No. Ownership of a life insurance policy carries the right to transfer it, confirmed by the Supreme Court in Grigsby v. Russell in 1911. The carrier records the ownership and beneficiary change after closing. Pine Lake Life Solutions is not affiliated with Global Atlantic or Accordia Life.
Why should I get the policy values in writing?
Because a block that has moved between administrators can produce inconsistent statements, and a settlement decision turns on exact numbers. Ask for face amount, account and surrender value, loan balance and rate, premium and reinstatement history, and guarantee status in writing before signing anything.
Why are second-to-die offers lower than single-life offers?
The benefit is paid only after both insureds die, so the buyer models a joint-and-last-survivor curve, funds premiums over a longer horizon, and discounts the payout further. Fewer institutional buyers underwrite joint mortality, so competition for the case is thinner as well.
One insured has died. Should we still get the policy reviewed?
Yes, and this is often the best moment to do it. The contract now behaves like a single-life policy on the survivor, which buyers value more readily. Report the death, request an updated in-force illustration, and review options before surrendering or letting the policy lapse.
Does a reinstatement affect the sale?
It can. Contestability generally restarts from the reinstatement date, and buyers will not take a contestable policy. A lapse and reinstatement can also forfeit a no-lapse or secondary guarantee. Ask the servicing company to confirm both points in writing.
Who signs if a trust owns the policy?
The trustee signs, receives the proceeds on behalf of the trust, and distributes under the trust terms. The trustee should document the comparison of keeping, surrendering and selling, and confirm whether beneficiary notice, consent or court approval is required by the trust instrument.
What should I send for a free review?
Just the policy cover page listing the insurer, policy number, face amount, issue date and both insureds. That is enough for a free, no-obligation assessment of whether the policy is a candidate. Call (305) 209-7183 with any questions.
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Related Reading
- Can I Sell A Survivorship Life Policy
- Survivorship Policy First Death
- What Is An In Force Illustration
- What Is Verification Of Coverage
- Sell Ilit Trust Owned Policy
- Can I Sell A Policy If I Am Not The Insured
- How Life Settlement Buyers Price A Policy
- Buy Sell Agreement Policy Unneeded
- No Ltc Insurance Pay For Care
- Is A Life Settlement Worth It
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.