Yes — a National Western indexed universal life policy can be sold in a life settlement when the policyholder and the policy qualify, and National Western’s permission is not required. A life insurance policy is transferable property owned by the policyholder. At closing the insurer records a change of owner and beneficiary and steps aside. Whether a sale makes sense depends on the contract’s economics and the insured’s age and health, not on corporate consent.
Indexed universal life demands a careful read. An IUL credits interest linked to an index — commonly the S&P 500 price return, which excludes dividends — subject to a cap and a participation rate, with a floor typically set at 0%. Monthly cost-of-insurance charges, per-thousand charges and rider fees come out of account value regardless of index performance, and carriers may lower current caps and raise current COI rates on in-force contracts up to guaranteed maximums. That combination is why a policy sold on a confident illustration can end up projecting lapse decades earlier than anyone expected.
National Western Life Insurance Company is headquartered in Austin, Texas and was founded in 1956. It is distinctive for having built a substantial international book over the decades, issuing policies to non-U.S. residents alongside its domestic business. In January 2024 National Western was acquired by S. USA Life Insurance Company, part of Prosperity Life Group. Indexed universal life has been offered under names in the NWL product families; confirm your specific product’s current status with the company as of 2026. Pine Lake Life Solutions is not affiliated with National Western or Prosperity Life Group.
In This Article
The 2024 Acquisition and What Changed
When Prosperity Life Group’s S. USA Life acquired National Western in January 2024, ownership of the company changed. In-force contracts did not. The death benefit, the guaranteed maximum cost-of-insurance rates and the guaranteed minimum index floor written into your policy continue exactly as issued.
What can move over time is servicing: mailing addresses, phone numbers, online portals and the specific administrative unit handling your block. Before you file a change-of-ownership form or request an illustration, confirm the current servicing details and the correct legal issuer with the company. Sending correct paperwork to the wrong address is the most common cause of a four-week delay. See what a carrier ownership change means.
International Policyholders Face an Extra Step
National Western issued policies to residents of many countries over the years, and those owners often ask whether a U.S. life settlement is available to them. The honest answer is that it depends on facts specific to the policy and the owner, and it is more complicated than a domestic case.
The issues that come up include where the policy was delivered and which jurisdiction’s law governs it, whether the current owner has a U.S. tax identification number, how funds can be transmitted internationally under banking and anti-money-laundering rules, and how medical records from a foreign provider are obtained and reviewed for life-expectancy underwriting. None of these are automatically fatal, but all of them need answering before anyone should promise a result. See expat retirees holding U.S. policies and non-U.S. citizen policy owners.
How an Indexed Policy Quietly Falls Behind
The sequence rarely announces itself. Several index periods finish at or near the 0% floor, so no credit arrives while charges continue. The declared cap drifts lower as the cost of the options funding the credit rises. Cost of insurance climbs with attained age and is charged on the net amount at risk, so it rises fastest exactly when account value is falling. Eventually charges exceed credits and the account begins to drain.
The owner sees none of this in a single statement. It is obvious across ten. Compare the declared cap, the total annual monthly deductions and the year-end account value across your last three statements — and if the projected lapse year is shown, note whether it has moved closer. See the annual statement explained.
| Issue for International Policy Owners | Why It Matters | Who Resolves It |
|---|---|---|
| Jurisdiction where the policy was delivered | Determines which state or country’s rules apply | Carrier records and counsel |
| U.S. tax identification | Needed for reporting on settlement proceeds | Owner, with a tax advisor |
| International funds transfer | Banking and AML compliance | Escrow agent and banks |
| Foreign medical records | Required for life-expectancy underwriting | Owner and underwriters, under HIPAA-style release |
| Translation of documents | Underwriters must read the file | Certified translator |
| Currency of payment | Affects net proceeds | Negotiated at closing |
Request the In-Force Illustration on Both Bases
Ask for an in-force illustration on current assumptions and a second on guaranteed assumptions. It is free to you as the owner and it is the only current, contract-specific projection in existence. The sales illustration from issue is a historical document with no predictive value today.
Read the projected lapse year in each column and the annual premium required to carry the policy to maturity. That premium is both your carrying cost and the buyer’s, which makes it the hinge of the entire keep-or-sell decision. Use our request script and then the guide to reading it.
How Buyers Arrive at a Number
Expected net death benefit, minus projected premiums to keep the policy in force, discounted to present value at the buyer’s required rate of return, across a distribution of durations from an independent life-expectancy report. Medical records reach those underwriters only under a HIPAA authorization you sign and may revoke.
Buyers model indexed crediting conservatively, so the illustrated rate has almost no effect on the offer. Age, health, net death benefit and sustaining premium do the work. If a broker is involved, ask for both gross and net-of-commission figures on every offer. See how buyers price a policy and comparing two offers.
Every Option, Compared
Reduce the face amount to lower charges. Use a 1035 exchange to move into a guaranteed contract if coverage is still needed. Surrender for cash value if the policy is small and no buyer is interested. Ask about a retained death benefit structure if you want premiums to end while heirs keep part of the benefit. Do not simply stop paying, especially with a loan outstanding, because a lapse can create taxable income and pay nothing.
For qualifying policies the GAO’s market study (GAO-10-775) found typical proceeds of roughly 10% to 35% of face value, several times cash surrender value. Where the coverage is still needed and the premium is affordable, keeping the policy is the right answer. See surrender vs. sell and National Western survivorship coverage.
How to Begin
Send the policy cover page — issuing company, policy number, face amount, issue date — and request a free policy review. No fee, no obligation, and a direct answer on whether the contract is a realistic candidate, including a clear no when that is the truth. Call (305) 209-7183 if you would rather start by talking.
A completed transaction typically runs 60 to 120 days, longer if records must be gathered from outside the United States. Offers come in writing, closing funds are held by an independent escrow agent until the carrier confirms the ownership change, and most states provide a rescission window after funding — confirm the rule in your state. This page is educational only and is not legal, tax, or investment advice.
Frequently Asked Questions
National Western was acquired in 2024. Is my policy still in force?
Yes, assuming premiums have been paid. S. USA Life, part of Prosperity Life Group, acquired National Western in January 2024, and a change of corporate ownership does not alter in-force contract terms or guarantees. Confirm current servicing details with the company.
Do I need the carrier’s permission to sell my policy?
No. The policy is your property and may be transferred. The insurer records the new owner and beneficiary after closing and has no approval role in a life settlement.
Is Pine Lake affiliated with National Western?
No. Pine Lake Life Solutions is not affiliated with, endorsed by, or acting on behalf of National Western Life Insurance Company or Prosperity Life Group. The names appear only to describe the type of policy.
I live outside the United States. Can I still sell my policy?
Possibly, but there are extra steps. Jurisdictional questions, tax identification, international funds transfer rules and obtaining foreign medical records for life-expectancy underwriting all have to be worked through. No one should promise a result before those facts are established.
Does National Western still issue indexed universal life in 2026?
National Western has offered indexed universal life products, but product lines change and ownership changed in 2024. Confirm the current status of your specific product with the company. An in-force policy from a closed product can still be reviewed for a settlement.
Why is my account value falling when I keep paying premiums?
If cost-of-insurance and policy charges exceed the indexed credit, the account value declines even with premiums paid. Zero-credit years combined with attained-age cost increases are the usual cause. An in-force illustration will show whether the trend leads to lapse.
How much might a qualifying policy sell for?
There is no fixed percentage. The federal GAO market study found typical proceeds of roughly 10% to 35% of face value, often several times cash surrender value. Life expectancy, net death benefit and sustaining premium determine the figure.
What is the first step?
Send the policy cover page showing the issuing company, policy number, face amount and issue date, and request a free policy review. There is no cost and no obligation. You can also call (305) 209-7183.
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 Is Indexed Universal Life
- Carrier Merged Who Owns Policy
- Expat Retiree Us Policy
- Non Us Citizen Policy Owner
- Annual Statement Line By Line
- Request In Force Illustration Script
- In Force Illustration Why It Matters
- How Life Settlement Buyers Price A Policy
- How To Compare Two Life Settlement Offers
- Sell My National Western Survivorship 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.