A term life policy is the one product type where waiting costs you the entire opportunity. Term insurance builds no cash value, so there is nothing to surrender and, in its raw form, usually nothing for a secondary-market buyer to purchase. What gives a Midland National term policy potential value is the conversion privilege, the contractual right to exchange it for a permanent policy without new medical underwriting. Once that window closes, the option is gone permanently.
This page explains how Midland National’s term conversion rules work, why an expiring conversion window is time-critical, and what happens after conversion if you then want to explore a life settlement. Pine Lake Life Solutions is not affiliated with, endorsed by, or connected to Midland National Life Insurance Company or Sammons Financial Group, and does not purchase policies. The only offer here is a free, no-obligation policy review.
In This Article
- Why Term Alone Usually Cannot Be Sold
- Midland National’s Term Conversion Deadlines
- What Conversion Actually Gives You
- Who Holds and Services Your Midland National Term Policy
- How to Find Your Own Conversion Deadline This Week
- After Conversion: What a Settlement Review Looks At
- Frequently Asked Questions
Why Term Alone Usually Cannot Be Sold
Understanding the reason is what makes the rest of this page actionable. A life settlement buyer purchases a policy expecting to pay premiums for the rest of the insured’s life and to collect the death benefit when the insured dies. That model requires the policy to be capable of remaining in force for life.
A level term policy is not. It provides coverage for a stated period, commonly ten, fifteen, twenty, or thirty years, and then either ends or continues at annually increasing renewal rates that quickly become prohibitive. There is no account value, no cash surrender value, and no nonforfeiture option. A buyer cannot hold a contract that is scheduled to expire.
The exception is the conversion privilege. If the policy can be converted into a permanent contract, universal life or another permanent product the carrier makes available for conversion, then after conversion there is a lifetime policy that a buyer can evaluate. This is why the sequence for term owners is conversion first, valuation second. Reversing that order wastes the only asset you have.
Midland National’s Term Conversion Deadlines
Conversion privileges are not open-ended, and the specific schedule depends on the term length you bought and your age. For Midland National’s Premier Term product, conversions are permitted on the following schedule: for a 10-year term, the earlier of 7 years or age 70; for a 15-year term, the earlier of 12 years or age 70; for a 20-year term, the earlier of 15 years or age 70; and for a 30-year term, the earlier of 20 years or age 70. There are restrictions based on the insured’s age at issue, but the conversion period is never less than five years.
Read the pattern carefully, because it defeats a common assumption. The window is not the level term period. On a 20-year term, the right to convert typically ends at year 15, five years before the coverage itself ends. Owners who plan to decide in the final years of the term routinely find the door already closed.
The age 70 cap is the harder constraint for most senior policyholders. If you bought a 30-year term at age 55, the conversion window closes at age 70 rather than at year 20. Your specific contract governs, and older Midland National term series may carry different rules, so the only reliable answer is the one you get from the carrier for your policy number.
What Conversion Actually Gives You
The central benefit of conversion is that it requires no evidence of insurability. Midland National’s Premier Term is convertible to most of the company’s currently available permanent life insurance products without new underwriting. For someone whose health has declined since the original application, that is the entire point. A new application would either be declined or rated at a punitive class; conversion sidesteps that.
What conversion does not do is preserve your premium. The permanent policy is priced at your attained age, so the payment will be substantially higher than the term premium you have been paying. That is precisely the situation in which a settlement analysis becomes relevant, because the newly converted permanent policy is an asset with market value even if you cannot afford to carry it yourself.
Partial conversion is often available, meaning you convert a portion of the face amount rather than all of it. That can be a useful tool if the goal is to preserve a specific amount of coverage while keeping cost manageable. Ask the carrier what conversion products and partial conversion rules apply to your contract.
| Premier Term length | Conversion permitted until | Practical effect |
|---|---|---|
| 10-year | Earlier of 7 years or age 70 | Window closes 3 years before coverage ends |
| 15-year | Earlier of 12 years or age 70 | Window closes 3 years before coverage ends |
| 20-year | Earlier of 15 years or age 70 | Window closes 5 years before coverage ends |
| 30-year | Earlier of 20 years or age 70 | Age 70 cap usually binds first for older buyers |
Who Holds and Services Your Midland National Term Policy
Term owners sometimes worry that an old policy has been sold off to an unfamiliar administrator. With Midland National the corporate chain is straightforward. The company was incorporated on August 30, 1906 as The Dakota Mutual Life Insurance Company under South Dakota law and adopted the Midland National name in 1925. Reserve Life Insurance Company, controlled by Charles Sammons, acquired majority ownership in 1958, and an employee stock ownership plan was established in 1978. Effective July 1, 1999 the company redomesticated from South Dakota to Iowa and is now regulated by the Iowa Insurance Division under NAIC company code 66044.
Midland National is not in runoff. It continues to issue new individual life insurance and annuities as a member company of Sammons Financial Group in 2026. For a term owner racing a conversion deadline, an active carrier matters a great deal, because conversion requires current product availability and a functioning service desk to process the exchange.
AM Best affirmed a Financial Strength Rating of A+ (Superior) with a stable outlook on August 13, 2025, the second highest of fifteen categories. S&P affirmed A+ (Strong) on May 15, 2025 and Fitch assigned A+ stable on June 17, 2025. Confirm current ratings with the carrier or AM Best.
How to Find Your Own Conversion Deadline This Week
Do not estimate this. Call Midland National’s life insurance service line at 800-923-3223, or 712-847-1334 from outside the United States, Monday through Thursday 7:30 a.m. to 5:00 p.m. or Friday 7:30 a.m. to 12:30 p.m. Central time. Have the policy number ready and ask four specific questions.
First, what is the last date on which this policy can be converted. Second, which permanent products is it currently convertible into. Third, is partial conversion permitted and what is the minimum face amount. Fourth, what is the premium for the converted policy at the insured’s attained age. Ask for the answers in writing, by secure message or letter, rather than relying on a phone note. Written correspondence can be sent to Midland National – Life Insurance, One Sammons Plaza, Sioux Falls, SD 57193.
If the deadline is inside the next twelve months, treat it as urgent. The conversion right is contractual and the carrier has no obligation to extend it. Once the date passes, the policy is simply term insurance that will expire, and no settlement company or broker can restore the option.
After Conversion: What a Settlement Review Looks At
If you convert and then decide the permanent premium is not sustainable, the converted policy can be evaluated on the secondary market like any other permanent contract. Buyers look primarily at the insured’s age and health, the death benefit, the cost of carrying the policy to maturity, and the contract’s guarantees. Nothing about eligibility or value is guaranteed, and a meaningful share of policies submitted receive no offer.
One point deserves emphasis for term converters. A settlement review after conversion is a comparison against nothing. A term policy allowed to expire pays zero. A converted permanent policy that receives an offer pays something. That asymmetry is why the conversion deadline is the single most important date in a term owner’s file.
Pine Lake does not purchase policies and has no interest in which choice you make. A free policy review will tell you what your conversion window is, what the converted premium would be, and whether a settlement is realistically available, without obligation and without a fee. Nothing here is legal, tax, or investment advice.
Frequently Asked Questions
Can I sell a Midland National term policy without converting it first?
In almost all cases, no. Term insurance has no cash value and is scheduled to expire, so there is no lifetime contract for a buyer to hold. The conversion privilege is what creates a sellable permanent policy. If the conversion window has already closed, there is usually nothing to market, which is why confirming your deadline is the first step.
When exactly does my conversion window close?
For Midland National’s Premier Term, conversion is generally allowed until the earlier of 7 years or age 70 on a 10-year term, 12 years or age 70 on a 15-year term, 15 years or age 70 on a 20-year term, and 20 years or age 70 on a 30-year term, with the conversion period never less than five years. Older term series may differ, so confirm the exact date with Midland National using your policy number.
Will I need a medical exam to convert?
No. Midland National’s Premier Term is convertible to most of its currently available permanent products without evidence of insurability, which is the reason the privilege is valuable to someone whose health has changed. Your premium will be based on your attained age, so it will be higher than the term premium, but your current health does not disqualify you from converting.
What if I only want to keep part of the coverage?
Partial conversion is often permitted, allowing you to convert a portion of the face amount and let the rest expire. This can keep the converted premium manageable while preserving some permanent coverage. Ask Midland National what the minimum converted face amount is and whether your specific contract allows partial conversion.
Does Pine Lake buy converted policies?
No. Pine Lake Life Solutions does not purchase policies and is not affiliated with or endorsed by Midland National. Pine Lake provides education and a free, no-obligation policy review that identifies your conversion deadline and lays out the options. Any decision about converting or selling should be discussed with your own legal and tax advisors.
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Related Reading
- Sell My Midland National Universal Life Policy
- Sell My Midland National Guaranteed Universal Policy
- Sell My Midland National Whole Life Policy
- Extended Term Nonforfeiture Option
- Life Insurance After 65
- How Do Life Settlements Work
- Is A Life Settlement Right For You
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.