Can I Sell My SILAC Guaranteed Universal Life (GUL) Policy? (2026 Guide)

SILAC, Equitable Life & Casualty, and Why the Name Changed

Equitable Life & Casualty Insurance Company was founded in Salt Lake City in the 1930s and spent decades selling products aimed at older Americans — Medicare supplement coverage, final expense life, and later annuities. In 2020 the company rebranded as SILAC Insurance Company. Same corporate entity, new name and new strategic direction.

Two practical consequences for a policyholder. First, your policy documents may carry a company name that no longer appears anywhere on your statements, which is unsettling but harmless. Second, because SILAC’s current business is concentrated in annuities, life policies from the older block may be serviced through a specific legacy unit or a third-party administrator. As of 2026, call the service number printed on your most recent premium notice and ask two questions: who administers this policy today, and where do I send a written request for an in-force illustration? Get the answer in writing if you can.

None of this affects your ownership rights. A rebrand, a reinsurance treaty, or a transfer of administration does not rewrite the contract. Your guarantees, your premium schedule, and your right to sell all travel with the policy.

What Makes GUL Different From Every Other Universal Life Policy

Guaranteed universal life is often described as “term insurance to age 121.” That is close enough to be useful. A GUL contract is engineered to deliver a death benefit that cannot lapse as long as you satisfy a premium test — the no-lapse guarantee — and almost nothing else. It is not built to accumulate money.

That single design choice drives everything on this page:

• Cash value is minimal or zero. Many GUL policies show a surrender value of a few hundred dollars, or literally nothing, even after twenty years of premiums.
• Surrendering returns almost nothing. If you stop wanting the coverage, the carrier’s cash-out option may hand you next to zero.
• Lapsing returns exactly nothing. Stop paying and the death benefit evaporates along with every dollar you ever put in.

This is why a life settlement matters more for GUL than for almost any other policy type. For a qualifying GUL policy, selling is frequently the only exit that produces meaningful money. There is no cash surrender value to fall back on.

The No-Lapse Guarantee Is Fragile — Protect It

Here is the warning that belongs at the top of every GUL discussion. The no-lapse guarantee is conditional. It typically survives only if premiums are paid in the required amount and on time. Pay late, pay short, or take a policy loan or withdrawal, and many contracts permanently void the guarantee — even if the policy itself stays in force on its remaining cash value for a while longer.

Most GUL contracts include a catch-up provision: if you missed or underpaid, you may restore the guarantee by paying the shortfall plus interest within a defined window. Miss that window and the guarantee is generally gone for good. Some carriers will consider reinstatement after a lapse, usually requiring back premiums with interest and new evidence of insurability — which is exactly the thing an older or unwell insured may not be able to provide.

If you are even considering selling, do not stop paying premiums first. A broken guarantee can reduce or eliminate what a buyer will pay, because the buyer’s entire valuation rests on knowing what it costs to keep the death benefit alive to age 100 or 121. Keep the policy current while you explore options, and ask SILAC in writing whether the guarantee is currently intact and through what age.

What Happens to the Policy	Effect on the No-Lapse Guarantee	Effect on a Settlement Offer
Premiums paid in full and on time	Guarantee intact through the stated age	Strongest position; buyer knows the exact carrying cost
Premium paid late or short, then caught up with interest inside the contract’s window	Often restored — confirm in writing with the carrier	Usually neutral once documented
Shortfall never caught up	Guarantee commonly voided permanently	Offer can fall sharply; buyer must fund a lapse-risk policy
Policy loan or withdrawal taken	Many GUL contracts void or reduce the guarantee	Loan balance also comes off any offer
Policy lapses entirely	Coverage ends; reinstatement usually needs back premiums plus evidence of insurability	Nothing left to sell
Policy surrendered to the carrier	Contract terminated	Typically pays little or nothing on GUL

How Buyers Actually Price a GUL Policy

A life settlement buyer is doing arithmetic on three inputs: the death benefit, the projected life expectancy of the insured, and the cost of carrying the policy until then. With GUL, that third input is unusually clean. The no-lapse guarantee tells the buyer exactly what the minimum premium is and exactly how long the coverage is guaranteed to last.

Buyers like that certainty. A policy guaranteed to age 121 at a known premium is a predictable asset. Compare that to an older interest-sensitive universal life policy, where the premium required to avoid lapse can climb every year as crediting rates fall. In practice, GUL policies with long guarantee periods and low guaranteed premiums are among the more attractive contracts in the secondary market — assuming the insured’s age and health fit the buyer’s criteria.

Realistic expectations matter. Published market research from the U.S. Government Accountability Office (GAO-10-775) found that sellers of life insurance policies typically received roughly 10% to 35% of the death benefit, and roughly four to eight times what surrender would have paid. With GUL, the multiple against surrender value can look extreme simply because surrender value is near zero — the meaningful benchmark is the percentage of face value, not the multiple.

Documents to Gather Before You Ask for a Number

You need less than you think to find out whether the policy is a candidate, and more than you think to get a firm offer.

• To start: the policy cover page. The first page showing the insurer name, policy number, face amount, issue date, and insured. That is enough for a free review.
• Your most recent annual statement. For GUL, read past the cash value line — you want the no-lapse guarantee status and the premium required to maintain it.
• An in-force illustration. Request it from the servicing company, and specifically ask for the version that shows the minimum premium required to keep the no-lapse guarantee to maturity, plus a scenario at guaranteed assumptions. Our explainer on what an in-force illustration is shows what to ask for.
• Any premium history showing late or short payments. If the guarantee was ever disrupted, the buyer will find out, so surface it early.

Later in the process you will sign a HIPAA authorization so an underwriter can estimate life expectancy from medical records. Read it. It should be specific about who receives records and revocable.

Timeline: What the Next Few Months Look Like

A GUL settlement moves at roughly the same pace as any other policy sale — plan on 60 to 120 days from start to funded payment.

1. Free review (a few days). Send the cover page. A specialist tells you honestly whether the policy is a realistic candidate.
2. Records and illustration (two to six weeks). The in-force illustration from the carrier is usually the slowest single item, and legacy blocks can be slower still.
3. Life expectancy underwriting (two to four weeks). Independent underwriters review medical records.
4. Offer. Get it in writing. If a broker is involved, ask for both the gross offer and the net amount you receive after all compensation.
5. Contracts, escrow, and closing. Funds should sit with an independent escrow agent. Ownership and beneficiary change is recorded by the carrier, then escrow releases your money.
6. Rescission window. Most states give sellers a period to unwind the sale after funding. Ask what applies to you.

Keep paying premiums throughout. The transaction is not final until it funds, and a lapsed guarantee mid-process can undo the whole thing.

Is Selling the Right Call for You?

Selling a GUL policy makes sense when the reason you bought it has gone away — the mortgage is paid, the business partner bought out, the beneficiary no longer needs the money — and the premium is now a bill you resent. It also makes sense when you need cash for care costs and the alternative is letting the policy lapse for nothing.

It does not make sense when your heirs are still counting on the full death benefit and the premium is comfortable. GUL is inexpensive relative to what it delivers precisely because it holds no savings; if you can afford it and you still want the coverage, keeping it is often the best financial outcome available to you.

Weigh the options honestly with our guides to whether a life settlement is worth it and settlement versus surrender. If you also hold SILAC variable universal or group coverage, the analysis differs by type — see selling a SILAC variable universal life policy or a SILAC group life policy. For a free policy review, send the policy cover page or call (305) 209-7183.

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Frequently Asked Questions

Do I need SILAC’s approval to sell my policy?

No. A life insurance policy is personal property, and a life settlement is a private sale of that property to a licensed buyer. The carrier’s role is administrative — it records the change of owner and beneficiary after closing. It does not approve or reject your decision.

My policy says Equitable Life & Casualty, not SILAC. Is that a problem?

Not at all. Equitable Life & Casualty Insurance Company of Salt Lake City rebranded as SILAC Insurance Company in 2020, so older contracts still carry the former name. The contract and its guarantees are unchanged. Call the number on your latest statement to confirm who services your policy as of 2026.

My GUL policy has almost no cash value. Is it still worth something?

Very possibly. GUL is designed to hold little or no cash value, so surrender pays close to nothing — but a settlement buyer pays for the death benefit and the guarantee, not the cash value. That is why selling is often the only exit that produces real money on a GUL contract.

I missed a premium last year. Did I lose the guarantee?

Maybe not. Most GUL contracts allow a catch-up payment of the shortfall plus interest within a defined window to restore the guarantee. Ask the carrier in writing whether your no-lapse guarantee is currently intact and through what age, because that answer directly affects what a buyer will pay.

How much could a GUL policy sell for?

There is no fixed answer, and anyone quoting one without seeing the policy is guessing. GAO research (GAO-10-775) found sellers generally received about 10% to 35% of the death benefit. Age, health, the guaranteed premium, and the length of the guarantee period all move the number.

Should I stop paying premiums while I explore selling?

No. Stopping payment can void the no-lapse guarantee permanently and can shrink or eliminate an offer. Keep the policy current until a transaction actually funds. If premiums are the reason you are selling, say so early so the process can be prioritized.

What size policy do you review?

Pine Lake works with policies of $100,000 or more in death benefit. Smaller policies rarely attract institutional buyers because the fixed costs of underwriting and closing consume too much of the value. A free review will tell you quickly which side of that line you are on.

Are the proceeds taxable?

Part of a settlement payment can be taxable, and the treatment depends on your cost basis, any policy loans, and your circumstances. This page is education, not tax advice. Talk to a CPA or tax attorney before you sign anything.

Related Reading

• What Is An In Force Illustration
• Life Settlement Vs Surrender
• Is A Life Settlement Worth It
• Sell My Silac Variable Universal Policy
• Sell My Silac Group Life Policy
• What Policies Qualify For Life Settlement

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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.