Term life is the one policy type where the answer is governed by a date rather than a dollar figure. A Lafayette Life term policy accumulates no cash value, has no surrender option and returns nothing if it lapses or expires. There is no balance to compare against an offer.
What can carry value is the conversion privilege. Lafayette Life’s term product is the Continental Term Series, and the company describes it as convertible: when you decide you need a more permanent form of insurance, the policy can be converted into a permanent life product without new evidence of insurability. That phrase is the whole subject of this page, along with why the window it opens does not stay open. Pine Lake Life Solutions is not affiliated with or endorsed by Lafayette Life and does not purchase policies.
In This Article
Why a Term Policy on Its Own Is Not a Settlement Candidate
Institutional buyers in the life settlement market acquire policies that will still be in force when the insured dies. A term policy designed to expire at 70 or 75 will not be, so there is nothing for a buyer to hold. Term contracts also carry no nonforfeiture values, which is why the level premium is a fraction of what permanent coverage costs.
The conversion privilege is the exception that changes the analysis. Exercising it produces a permanent policy, and permanent coverage is what the market evaluates. The feature is worth most to the person who could no longer qualify for new coverage on their own, which is to say someone whose health has declined since the policy was issued. It is also the feature most likely to have expired without the owner noticing, because nothing arrives in the mail to announce it.
What Lafayette Life Says About Continental Term Conversion
Lafayette Life describes the Continental Term Series as offering flexible features including convertibility to a permanent product. Its stated position is that when you decide you need a more permanent form of insurance, your policy can be converted into a permanent life product without new evidence of insurability. The company also notes an important boundary: increases in coverage are subject to new underwriting.
Read those two statements together. Converting the coverage you already have does not require you to prove your health. Asking for more coverage than the original face amount does. For someone whose health has changed, that distinction is the difference between a workable option and a declined application.
Lafayette Life’s public product pages do not state a conversion deadline. That does not mean there is none. Conversion rights are almost always limited by a policy duration, an attained age, or whichever comes first, and those limits live in your individual contract rather than in marketing material.
Finding Your Own Conversion Deadline
Do not estimate this date and do not rely on a brochure. Call Lafayette Life policy service at 800-243-6631 and request the following in writing.
- The conversion expiry date, expressed both as a policy year and as an attained age.
- Whether the limit is a duration, an age, or the earlier of the two.
- The list of permanent products your specific policy may convert into.
- Whether conversion is available for the full face amount or a reduced amount.
- A converted premium quote at your current age.
- Whether attached riders, such as waiver of premium, carry over on conversion.
Ask for a written response rather than a verbal one. A conversion deadline is the kind of fact you may need to rely on months later, and a phone conversation is not something you can produce afterward.
| Ask Lafayette Life for | Why it matters |
|---|---|
| Conversion expiry as policy year and attained age | The right ends permanently on that date |
| Whether the limit is duration, age, or the earlier of the two | Age tests often close the window early |
| Eligible permanent products | Determines what the converted policy becomes |
| Full or reduced face amount on conversion | Affects how much coverage survives |
| Converted premium at current age | Determines whether exercising is affordable |
| Rider carryover | Waiver and other riders may not survive |
What Continental Term Converts Into
The value of a conversion depends heavily on what you are converting into. Lafayette Life’s current individual permanent lineup is built around whole life, including Heritage 2025, Contender 2022, Patriot 2022, Patriot Now, Sentinel 2022, 10 Pay Life 2022, Liberty 2022 single premium and Protector 2022 simplified issue. Most of these participate in dividends; Protector 2022 does not.
The available conversion targets for your policy may be narrower than the full catalog, and they may differ by issue year and state. This matters because whole life carries guaranteed cash value, which means a converted policy has a floor a term policy never had. It also carries a substantially higher premium at older ages, which is the practical constraint most owners run into.
Get the converted premium quote before deciding anything. A conversion right you cannot afford to exercise is not an option, and knowing that early is more useful than discovering it late.
The Company Behind Your Policy
Lafayette Life was established as a mutual insurance company on December 26, 1905 in Lafayette, Indiana. It remained a mutual for 95 years, reorganized into a mutual insurance holding company structure in 2000, and in June 2005 aligned with Western & Southern Financial Group, a Cincinnati-based diversified financial services organization structured as a mutual holding company without stockholders.
Lafayette Life now lists its headquarters at 400 Broadway, Cincinnati, OH 45202-3341, and is licensed in the District of Columbia and every state except New York. It reports an AM Best financial strength rating of A+ (Superior) with a long-term issuer credit rating of aa (Superior), held since June 2009, along with Standard & Poor’s at AA- (Very Strong) and Fitch at AA (Very Strong). Ratings are opinions and can change; confirm them with the agencies directly.
If You Cannot Convert
An expired or unavailable conversion privilege narrows the conversation without necessarily ending it. Some term contracts remain renewable after the level period at annually increasing rates, which preserves coverage without producing an asset anyone can price. Some households find that a different policy they own, rather than the term contract, is the one worth reviewing. Some discover that the deadline they assumed had passed had not, which is a good reason to verify before accepting it.
Conversion is also a separate transaction from any change of ownership, and they occur in that order. A permanent policy must exist before ownership of it can be assigned.
Pine Lake Life Solutions offers a free, no-obligation review to help you understand what you hold and what your conversion rights are. Pine Lake does not purchase life insurance policies, is not affiliated with Lafayette Life or Western & Southern, and provides no legal, tax or investment advice. No option described here is guaranteed to be available to you, and no value can be promised.
Frequently Asked Questions
Can I sell a Lafayette Life term policy without converting it?
In nearly all cases, no. Term coverage has no cash value and expires at the end of the level period, so there is nothing that will still be in force at the insured’s death for a buyer to acquire. The conversion privilege is what can change that by producing permanent coverage. Whether your policy still carries that right depends on your individual contract.
Does converting a Continental Term policy require a medical exam?
Lafayette Life states that the policy can be converted into a permanent life product without new evidence of insurability. The company also notes that increases in coverage are subject to new underwriting. In practice that means converting the coverage you already hold does not require proving your health, while asking for more than the original face amount does.
What is the deadline to convert?
Lafayette Life’s public product pages do not state one, but conversion rights are almost always limited by a policy duration, an attained age, or whichever arrives first. Your individual contract sets the limit. Request it in writing from policy service at 800-243-6631, expressed both as a policy year and as an attained age, rather than estimating from your birthday.
What would my term policy convert into?
Lafayette Life’s current individual permanent lineup is built around whole life products including Heritage 2025, Contender 2022, Patriot 2022, Patriot Now, Sentinel 2022, 10 Pay Life 2022, Liberty 2022 and Protector 2022. The conversion targets available to your specific policy may be narrower and can vary by issue year and state, so ask the carrier for your own list.
Does Pine Lake buy term or converted policies?
No. Pine Lake Life Solutions does not purchase life insurance policies of any type and is not affiliated with or endorsed by Lafayette Life or Western & Southern Financial Group. Pine Lake provides education and a free, no-obligation policy review to help you understand your conversion rights before they expire. This is not legal, tax or investment advice.
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Related Reading
- Sell My Lafayette Life Whole Life Policy
- Sell My Lafayette Life Universal Life Policy
- How Do Life Settlements Work
- How Health Affects Life Settlement Value
- Is A Life Settlement Right For You
- Life Insurance After 65
- Sell My Guardian 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.