Yes — a Securian (Minnesota Life) term life policy can often be sold in a life settlement, but generally only while its conversion privilege is still alive. No permission from Securian is needed; the policy is your property and the buyer purchases it from you directly. The economics are the constraint, not the law. Term insurance carries no cash value, so what a buyer is really acquiring is the right to convert your term policy into permanent Minnesota Life coverage without new medical underwriting. Once that conversion window closes, most term policies stop being marketable — unless the insured’s health has seriously declined.
Before reading further, check one thing: is your Securian coverage an individual term policy or a workplace group certificate? Securian Financial is one of the largest group life carriers in the U.S. (verify 2026 rank), and millions of people hold its coverage through employers. Group certificates follow a different path — conversion within roughly 31 days of leaving the employer — covered in our Securian group life guide. This page addresses individual Minnesota Life term contracts.
Below: how term settlements work, how to find your conversion deadline, and what your policy could realistically bring. Pine Lake Life Solutions is not affiliated with Securian Financial or Minnesota Life.
In This Article
- A Policy With No Cash Value Can Still Be Worth Real Money
- Find Your Minnesota Life Conversion Deadline First
- Sellable, Marginal, or Dead: Where Your Term Policy Falls
- End-of-Term Premium Shock: Your Fork in the Road
- Documents and Process for a Term Settlement
- Mistakes That Kill Term Settlements
- What to Do This Week
- Frequently Asked Questions
A Policy With No Cash Value Can Still Be Worth Real Money
Owners drop term policies every day believing they are worth nothing — and for the carrier’s purposes, they are right: lapse a term policy and Minnesota Life owes you $0. The secondary market sees it differently. A settlement buyer values the death benefit and the contractual machinery that keeps it reachable. For term, that machinery is the conversion privilege: the right to exchange the term policy for a permanent one at the same insurer with no medical exam and no health questions.
A buyer who acquires a convertible term policy converts it, then holds the permanent policy to maturity. That is why a term contract you were about to abandon can sometimes produce a five- or six-figure check. Across the market, qualifying policies bring roughly 10% to 35% of face value (GAO-10-775, still the standard reference as of 2026), with term cases typically toward the lower end because the buyer also shoulders conversion premiums. The comparison against lapsing — which pays zero — is the easiest math on this site: see life settlement vs. surrender.
Find Your Minnesota Life Conversion Deadline First
Everything hinges on one date. Minnesota Life term products typically include a conversion privilege running for a defined period — often tied to the level-premium term length or a stated age cap, whichever comes first (verify your contract’s specifics; provisions vary by product generation and issue date). Look for the “Conversion” provision in your policy contract, or call Minnesota Life’s policyholder service line and ask two questions in writing: When does my conversion right expire? and Which permanent products are available for conversion?
Timing matters because a settlement is not instant: expect roughly 60 to 120 days from review to funded closing, and the conversion must be executable inside that schedule. A conversion window with a year of runway is comfortable; one with 60 days left is an emergency worth acting on this week. And if the window has already closed, do not assume the policy is dead before reading the next section.
Sellable, Marginal, or Dead: Where Your Term Policy Falls
Sellable: insured roughly 65 or older (or younger with significant health conditions), face amount of $100,000 or more — Pine Lake’s minimum — and a live conversion right with time to transact. Health decline since issue strengthens every case.
Marginal: healthy insureds in their 50s and early 60s, even with convertible policies — buyer economics rarely work; and small face amounts under $100,000, where market interest thins out.
Usually dead, with one exception: policies whose conversion window has expired. The exception is serious health impairment — if the insured’s life expectancy has shortened substantially, a buyer may value the remaining level-term period itself, and very ill insureds may qualify for viatical-type treatment. The full checklist is at what policies qualify; a free review sorts your policy into the right bucket in days.
| Term Policy Status | Market Value in 2026 | Recommended Action |
|---|---|---|
| Convertible, insured 65+, $100k+ face | Often marketable | Confirm deadline in writing; free policy review now |
| Convertible, level period ending, premiums about to spike | Marketable if insured/health profile fits | Act before renewal decisions — review runs 60–120 days |
| Convertible, insured young and healthy | Rarely marketable | Decide keep vs. lapse on protection needs alone |
| Conversion expired, serious health decline | Sometimes marketable (remaining term valued) | Free review before writing the policy off |
| Conversion expired, standard health | Generally none | No settlement path for this policy |
End-of-Term Premium Shock: Your Fork in the Road
Most term settlements begin with the renewal letter. When a 20- or 30-year level-premium period ends, annual renewable rates take over — and premiums can jump to many times the level rate, repricing upward every year. Owners face a fork: pay shocking renewal premiums, convert to permanent coverage, sell, or walk away.
Rank the options: keep at renewal rates only as a short-term bridge (it is the most expensive way to own coverage); convert and keep if your family still needs the death benefit and your health makes new underwriting unattractive; convert and sell — usually executed by the buyer as part of closing — if the coverage is no longer needed and the policy qualifies; lapse deliberately only after a review confirms no market interest. The renewal letter usually arrives while the conversion right is still briefly alive — which makes it the trigger to act, not to discard the policy. Mechanics of each path: how the policy options work.
Documents and Process for a Term Settlement
Stage one needs one page: the policy cover page showing insurer, policy number, face amount, and issue date. Pine Lake’s free review starts there. For a marketable policy, the file grows to include:
- The policy contract with the conversion provision and its deadline.
- Your latest premium notice — especially any post-level-term renewal schedule.
- A conversion quote or illustration from Minnesota Life showing the permanent policy’s cost — the number buyers price against.
Then the standard arc: documentation and life-expectancy estimates, written offers, contracts with your proceeds in independent escrow, conversion executed, and Minnesota Life records the new owner. Sign only HIPAA releases that are specific and revocable, and never transfer ownership before escrow is funded. Total timeline: roughly 60 to 120 days.
Mistakes That Kill Term Settlements
Four errors end more term cases than bad health or small face amounts:
- Letting the policy lapse during the process. A lapsed term policy is gone. Keep paying — even painful renewal premiums — until a transaction closes or you have deliberately decided to walk away.
- Missing the conversion deadline while “thinking about it.” The right expires on schedule whether or not you have decided. Get the deadline in writing on day one.
- Converting on your own without advice. Paying permanent premiums out of pocket before offers exist can waste money and complicate pricing; in most deals the buyer sequences the conversion at closing.
- Taking the first phone quote. Offers on convertible term vary widely between buyers. Written, competing offers — with gross and net-of-commission figures if a broker is involved — protect you.
For the broader qualification rules and market background, start at the Education Center.
What to Do This Week
1) Locate your policy contract and find the conversion deadline — or get it from Minnesota Life in writing. 2) Send the policy cover page to Pine Lake for a free, no-obligation review, or call (305) 209-7183. 3) Keep the policy in force while you learn the numbers. If you also hold permanent Securian coverage, see our guides to selling a Securian universal life policy and a Securian whole life policy — different products, different math.
Frequently Asked Questions
Can I really sell a term policy that has no cash value?
Often, yes — while it remains convertible. A settlement buyer values the death benefit and the right to convert your term policy into permanent Minnesota Life coverage without medical underwriting. Lapsing pays you nothing, so any legitimate offer beats walking away.
Does Securian have to approve the sale?
No. Your policy is personal property and the right to sell it has been settled law since 1911. Minnesota Life’s role is administrative — processing the conversion and recording the new owner at closing. Pine Lake Life Solutions is not affiliated with Securian.
Where do I find my conversion deadline?
In the conversion provision of your policy contract, or by calling Minnesota Life’s policyholder service line. Ask when the right expires and which permanent products are available, and get the answer in writing. Deadlines vary by product version, term length, and issue age.
My 20-year level term just ended and the renewal premium is huge. What now?
That premium shock is the most common trigger for term settlements. The conversion right often survives briefly into the renewal period — check immediately. Your realistic options are keep at renewal rates short-term, convert and keep, convert and sell, or lapse deliberately after a review confirms no market interest.
How much could a Securian term policy sell for?
Qualifying policies across the market bring roughly 10% to 35% of face value per the federal GAO study (GAO-10-775), with convertible term typically toward the lower end because the buyer funds the conversion. Age, health, face amount, and remaining conversion runway set the actual number.
Is my Securian coverage through work sellable?
Not as a certificate — your employer owns the group master policy. If you are leaving the job, you generally have about 31 days to convert to an individual policy, which then can potentially be sold. Check your certificate and act inside the window.
What do I send to get started?
Just the policy cover page — insurer, policy number, face amount, issue date. The review is free with no obligation. Because term value depends on the conversion clock, mention any deadline you know of when you send it.
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
- Life Settlement Vs Surrender
- What Policies Qualify For Life Settlement
- How It Works Policy Options
- Education Center
- Sell My Securian Group Life Policy
- Sell My Securian 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.