Term life has no cash value, no account value and a hard expiry date. That combination means a term policy is rarely bought on its own in the secondary market. What can hold real value is the right buried in the contract: the conversion privilege, which lets you exchange term coverage for a permanent policy without proving you are still healthy.
Sagicor’s current term product publishes unusually clear conversion terms, and those terms are worth knowing whether you intend to convert, keep or eventually sell. This page lays out the deadline, the conversion credit, and the questions to put to Sagicor about your specific contract. Pine Lake Life Solutions is an independent education and consumer-advocacy resource. It is not affiliated with, endorsed by, or acting for Sagicor Life Insurance Company, and it does not purchase policies.
In This Article
Why the conversion privilege is the whole story
A buyer in the settlement market is purchasing a future death benefit. A term policy that expires in a few years and cannot be extended offers very little of that, which is why term is seldom settled in its original form.
Conversion changes the picture. The right to exchange term coverage for permanent coverage without evidence of insurability is worth the most to the person whose health has declined the most — exactly the person who could never buy new coverage at any price. A term policy priced years ago on good health becomes a permanent policy on those same original terms.
So the sequence for a term owner is: confirm the conversion right, confirm the deadline, convert if it makes sense, and only then evaluate whether the resulting permanent policy should be kept, surrendered or sold.
Sagicor’s Sage Term conversion terms
Sagicor’s producer product guide for Sage Term (form 4546) sets out the following. These terms describe the Sage Term product as documented in that guide; the provisions of your own contract control, so confirm them against your policy and with the company.
- Level term periods of 10, 15 and 20 years. After the initial level period, coverage becomes annually renewable until the insured’s 95th birthday.
- Conversion without evidence of insurability to any permanent life insurance policy the company is then issuing for conversion.
- The deadline: conversion may occur at any time prior to the policy anniversary following the insured’s 70th birthday.
- Term conversion credits are available in policy years 2 through 5 and allow the owner to apply 100% of the prior 12 months’ premium toward the cost of an eligible permanent policy. Credits apply to full and partial conversions. The guide refers to form 4367, the Term Conversion Program, for complete details.
- Issue ages were 18 to 75 for the 10-year, 18 to 70 for the 15-year and 18 to 65 for the 20-year (to age 55 for tobacco), with a minimum face amount of $50,000 and no stated maximum.
The age-70 anniversary matters more than any other date on this page. A conversion right that expires does not come back, and there is no appeal.
Questions to put to Sagicor about your own policy
Product guides describe products; your policy governs your policy. Older contracts — including those originally issued by American Founders Life before Sagicor’s 2005 acquisition — may carry entirely different conversion language. Call client services at 888-724-4267 and ask for written answers to:
- Is this policy convertible, and under which provision?
- What is the final conversion date, stated both as an attained age and as a policy anniversary?
- Which permanent policies is it currently convertible into?
- Is partial conversion permitted, and does any conversion credit apply?
- What is the premium for the converted policy at the insured’s current attained age?
- After the level period ends, what is the annual renewal premium schedule?
Get the answers in writing. A verbal assurance about a deadline is not something you can rely on later.
| Sage Term feature | As documented in the product guide |
|---|---|
| Level term periods | 10, 15 and 20 years |
| After the level period | Annually renewable to the insured’s 95th birthday |
| Conversion deadline | Before the policy anniversary following the insured’s 70th birthday |
| Evidence of insurability | Not required to convert |
| Conversion credit | Policy years 2 through 5; 100% of prior 12 months’ premium |
| Partial conversion | Permitted; credits apply to full and partial conversions |
What Sagicor currently issues for conversion
A conversion privilege is only as good as the permanent shelf available when you exercise it, because you convert into what the company is issuing at that time. Sagicor is not in runoff: it continues to write new US individual life insurance under its Sage line, which includes Sage Whole Life and Sage Indexed Universal Life alongside Sage Term.
That gives a converting owner a real choice, and the choice matters. Whole life brings guaranteed cash values and a level premium, which suits an owner who wants certainty. Indexed universal life brings a lower initial cost and internal charges that rise with age, with credited interest tied to an index formula subject to caps and participation rates the carrier can adjust. Which is better depends on how long coverage is needed and who is paying for it.
Ask which specific products your provision allows, since the eligible list is defined by the provision and by what the company issues for conversion, not by the entire catalog.
If the conversion window has closed
If the anniversary following age 70 has passed, or the contract was never convertible, options narrow but do not vanish:
- Annual renewal. Sage Term coverage continues on an annually renewable basis to the insured’s 95th birthday after the level period. The premium climbs steeply each year, but it buys time and keeps a death benefit in place.
- Reduce the face amount. Lowering coverage can make a rising renewal premium survivable.
- Accelerated benefit provisions. Sage Term includes an accelerated benefit insurance rider at no additional cost that can advance a portion of the death benefit if the rider’s eligibility requirements are met. Ask Sagicor whether your contract includes it and what triggers it.
- A short-dated review. In narrow cases involving a significantly impaired insured and remaining level years, the market occasionally reviews term policies. This is uncommon and no outcome should be promised to you.
Who Sagicor is, and where it stands
Sagicor Life Insurance Company is a Texas-domiciled insurer, NAIC number 60445, and the US life arm of Sagicor Financial Company Ltd. Its American operations began with the 2005 acquisition of American Founders Life Insurance Company, a Texas insurer in business since 1954, for roughly US$58.0 million; that entity was later renamed Sagicor Life Insurance Company. AM Best lists its domiciliary address in Austin, Texas and its administrative office at 8660 E. Hartford Drive, Suite 200, Scottsdale, Arizona 85255, with a phone number of 888-724-4267.
As of a rating effective date of July 16, 2026, AM Best shows Sagicor Life Insurance Company with a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of a (Excellent), stable outlooks, upgraded from A- and a- in a July 2026 action covering Sagicor Financial Company Ltd. and most subsidiaries. Verify the current rating before relying on it.
Frequently Asked Questions
When does the Sagicor Sage Term conversion right expire?
Sagicor’s Sage Term product guide states that conversion may occur at any time prior to the policy anniversary following the insured’s 70th birthday, without evidence of insurability, into a permanent policy the company is then issuing for conversion. Older contracts, including former American Founders Life policies, may differ. Confirm your own deadline in writing with client services at 888-724-4267.
What is the Sage Term conversion credit worth?
According to the product guide, conversion credits are available in policy years 2 through 5 and let the owner apply 100% of the prior 12 months’ premium toward the cost of an eligible permanent policy, on full or partial conversions. The guide refers to form 4367, the Term Conversion Program, for complete details. Ask Sagicor whether the credit applies to your policy and how it is calculated.
Can I sell a term policy without converting it?
Usually not. Term has no cash value and the coverage ends, so there is little for a buyer to acquire. The conversion privilege is what turns term into a permanent death benefit that the market can evaluate. A narrow set of heavily impaired cases with remaining level years are exceptions, and no one can promise that a specific policy qualifies.
What if I cannot afford the converted premium?
Partial conversion is often permitted, which converts only part of the face amount and reduces the premium proportionally. You can also ask about reducing coverage or about the annual renewal schedule after the level period. If none of that fits, a free, no-obligation policy review can lay out every remaining option. Pine Lake does not purchase policies and provides no legal or tax advice.
Find out what your policy is worth — free, confidential, no obligation.
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Related Reading
- Sell My Sagicor Whole Life Policy
- Sell My Sagicor Universal Life Policy
- Sell My Sagicor Indexed Universal Policy
- Is A Life Settlement Right For You
- How Health Affects Life Settlement Value
- Life Insurance After 65
- Do Seniors Need Life Insurance
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.