Yes — a Great-West Life & Annuity term policy can be sold, because any carrier’s policy can be transferred if the policyholder and the policy qualify and the insurer’s permission is not required. But term comes with a condition attached that no other policy type has: in almost every case the term coverage must first be converted into permanent insurance, and the conversion privilege has a deadline that expires silently.
Term has no cash value. Surrender it and you get nothing. Let it run out and you get nothing. The only route to value is either a still-open conversion privilege or, in some cases, a serious health impairment that makes the coverage valuable to a buyer during the remaining level term. Everything on this page comes back to one question: is the conversion window still open, and until when?
There is a second wrinkle for Great-West owners. The company sold its individual life and annuity business to Protective Life in 2019 and rebranded its retirement business as Empower, so the statements and the service number have changed. Finding the right service desk quickly matters more here than anywhere else, because you may be racing a clock. Pine Lake Life Solutions is not affiliated with, endorsed by, or acting on behalf of Great-West Life & Annuity, Empower, or Protective Life. Education only — not legal, tax, or investment advice.
In This Article
- First Call: Find Out Your Conversion Deadline
- How the Conversion Privilege Works
- Why Conversion Deadlines Expire Silently
- Locating the Right Service Desk After the 2019 Transfer
- The Sequence: Convert, Then Review, Then Sell
- Can Term Ever Be Sold Without Converting?
- Documents and What Protects You
- Other Great-West Policy Types
- Frequently Asked Questions
First Call: Find Out Your Conversion Deadline
Before anything else, call the service number on your most recent premium notice and ask four questions. Write down the answers and the date.
- Is this policy still convertible? Yes or no.
- What is the last date I can convert? Conversion privileges usually end at a stated attained age (often somewhere in the sixties or seventies) or after a stated number of policy years — whichever comes first.
- How much of the face amount is convertible? Some contracts allow full conversion, some partial.
- Which permanent products can I convert into, and what is the premium for each? The available product menu at conversion is set by the insurer, not by you.
Ask for the answer in writing. Nothing on this page is actionable without that date, and no reputable party can tell you what your policy is worth without it.
How the Conversion Privilege Works
A convertible term policy gives you a contractual right to exchange the term coverage for a permanent policy — whole life, universal life, or whatever the insurer offers at the time — without new medical underwriting. That last part is the valuable part. If your health has declined since you bought the policy, you could not qualify for new coverage at any reasonable price, but the conversion right lets you obtain permanent insurance anyway.
That is also exactly why a converted policy can have settlement value. The secondary market prices policies partly on life expectancy. A person whose health has changed, holding permanent coverage obtained without fresh underwriting, is holding something the open market would not sell them today.
The premium jump is real and should not be a surprise. Term premiums buy pure temporary coverage; permanent premiums fund a contract meant to last for life. Expect a multiple, not a small increase. The relevant question is not whether the converted premium is affordable forever — it is whether the converted policy is worth more than the cost of holding it long enough to complete a sale.
Why Conversion Deadlines Expire Silently
No one sends a letter that says “your conversion right ends in 90 days.” There is typically a clause in the contract, a mention in the original policy summary, and then nothing. Meanwhile three things routinely happen:
People assume the deadline is the end of the level term period. It usually is not — the conversion right often ends years before the level premium period does. A 20-year term bought at 55 may stop being convertible at attained age 70 while the level premium runs to 75.
People assume a renewable policy is a convertible policy. Renewable means you can keep the coverage at a steeply increasing annual rate. Convertible means you can exchange it for permanent coverage. They are separate features and a policy can have one without the other.
People wait for a health event to “make it worth doing.” By then the deadline has often passed. If you are within a few years of the conversion cutoff and the coverage is no longer needed for its original purpose, that is the moment to find out what your options are — not later.
Locating the Right Service Desk After the 2019 Transfer
Great-West Life & Annuity Insurance Company, headquartered in the Denver area and part of Canada’s Great-West Lifeco group, sold its individual life and annuity business to Protective Life in 2019 through a reinsurance transaction. The remaining retirement business was rebranded as Empower and the legal entity was later renamed to match. So the phone number printed in a term policy issued in 1998 is almost certainly not the number that can tell you your conversion deadline today.
Work from the newest paper you have — a premium notice or annual statement — because it names the current administrator. If nothing recent exists, your state insurance department’s consumer assistance line can identify the servicer of a transferred block. Confirm the current servicing entity, address, and phone number as of 2026 before mailing forms; a misdirected conversion request that sits in the wrong mailroom for three weeks can cost you the window.
A transferred policy keeps its contractual guarantees. The conversion privilege is one of them. The transfer did not shorten your deadline or narrow your rights — but it may have changed which permanent products are available to convert into, so ask specifically.
| Situation | Cash Value | Sellable? | First Move |
|---|---|---|---|
| Term still convertible, deadline in the future | None | Yes, after conversion | Get the deadline in writing, then a free review |
| Term convertible, deadline within months | None | Yes, but urgently | Send the cover page now; do not wait |
| Conversion privilege expired | None | Rarely — only with serious impairment and time left on level term | Ask whether the term itself can be reviewed |
| Renewable but not convertible | None | Usually no | Confirm the contract wording with the carrier |
| Policy lapsed or level term ended | None | No | Review any other policies you own |
The Sequence: Convert, Then Review, Then Sell
The order of operations matters, and getting it backwards wastes the window.
- Confirm the deadline and the convertible amount. In writing, from the carrier.
- Get a free policy review while the term is still in force. Send the cover page. A specialist can tell you quickly whether a converted policy would realistically attract offers, based on face amount, age, and general health picture — before you commit to a higher premium.
- Convert if it makes sense. Choose the permanent product on the menu that fits the situation; the cheapest premium is not always the one buyers value most.
- Run the full settlement process on the new permanent policy. In-force illustration, medical records and life-expectancy estimates, offer, contracts, escrow, ownership change, funding.
Realistic timing: conversion itself can take a few weeks, and the settlement process runs roughly 60 to 120 days on top of that. If your conversion deadline is 30 days out, start today.
Can Term Ever Be Sold Without Converting?
Occasionally, and it is worth knowing the exception. If the insured has a serious health impairment and the level term period still has meaningful time left, a buyer may be willing to acquire the term policy itself. The economics are narrow: the buyer is betting the death benefit will be paid before the level premium period ends, since after that the renewal premiums typically become prohibitive.
In practice, most transactions involving term coverage still route through conversion, because a permanent policy has no expiry date to race. Treat an unconverted term sale as a possibility to be explored rather than a plan to rely on.
What is not possible: selling a policy that has lapsed, selling coverage that has already run past its level term, or selling a small policy the market cannot price. Term face amounts under about $100,000 generally fall below the threshold where a settlement transaction is economical.
Documents and What Protects You
To get started, one page is enough: the policy cover page showing the insurer, policy number, face amount, and issue date. Add the conversion information from the carrier if you already have it.
After conversion, the process needs the new permanent policy’s annual statement and an in-force illustration — see what an in-force illustration is. A HIPAA authorization comes later so an independent underwriter can prepare a life-expectancy estimate; make sure any release you sign is specific and revocable.
Protections to insist on regardless of who you work with: the offer in writing, both the gross number and what actually reaches you after any intermediary compensation, funds held by an independent escrow agent until the insurer confirms the ownership change, and confirmation of the rescission period available where you live. On value, the federal GAO’s market study (GAO-10-775) found sellers typically received roughly 10% to 35% of face value; since term has no cash surrender value at all, the alternative here is usually zero. See how much you can get for a policy.
Other Great-West Policy Types
If the policy you are holding is permanent rather than term, you can skip the conversion analysis entirely. Whole life turns on guaranteed cash value and dividends; universal life turns on crediting rates and rising cost of insurance; guaranteed universal life is priced on its no-lapse guarantee.
See our guides to selling a Great-West whole life policy, a Great-West universal life policy, or a Great-West guaranteed universal life policy. To have someone read your term contract’s conversion clause with you, send the cover page for a free review or call (305) 209-7183.
Frequently Asked Questions
Can I sell a term life policy that has no cash value?
Usually only after converting it to permanent coverage, because buyers need a policy that will not expire before the death benefit is paid. The conversion privilege in your contract is what makes that possible, and it has a deadline. In limited cases, a term policy with a seriously impaired insured and meaningful level term remaining can be reviewed as is.
When does my conversion privilege end?
It varies by contract and is usually tied to a stated attained age or a number of policy years, whichever comes first. It often ends well before the level premium period does. Call the servicing company, ask for the exact last date in writing, and note the answer.
Does converting require a medical exam?
No — that is the entire point of the conversion privilege. You can exchange term for permanent coverage without new underwriting, regardless of health changes since the policy was issued. That is also why a converted policy can be valuable in the secondary market.
How much will the converted premium be?
Expect a substantial increase, because permanent coverage is priced to last for life while term is priced for a limited period. Ask the carrier for a quote on each permanent product available for conversion. Whether that premium is worth paying depends on what the converted policy could realistically be worth.
Great-West no longer sells life insurance. Does that affect my conversion right?
No. Great-West sold its individual life and annuity business to Protective Life in 2019, and a transferred policy keeps its contractual guarantees, including the conversion privilege. What may differ is which permanent products are offered at conversion and where you send the paperwork. Confirm the current servicing entity as of 2026.
Is renewable the same as convertible?
No, and confusing them is common. Renewable means you can continue the coverage at a sharply rising annual premium. Convertible means you can exchange it for a permanent policy without new underwriting. A policy can have one feature and not the other.
How long does the whole process take?
Conversion itself typically takes a few weeks once the paperwork is submitted. The settlement process on the converted policy then runs roughly 60 to 120 days from application to funded payment. If your conversion deadline is close, start immediately rather than sequencing everything one step at a time.
What if my term policy is only $50,000?
That is below the threshold where a settlement transaction is generally economical, since underwriting and closing costs do not shrink with the death benefit. Buyers typically look for $100,000 or more. A free review will tell you quickly and costs nothing.
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
- What Policies Qualify For Life Settlement
- What Is An In Force Illustration
- How Much Can I Get For My Life Insurance Policy
- Education Center
- Sell My Great West Life Whole Life Policy
- Sell My Great West 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.