Yes — a SILAC whole life policy can be sold in a life settlement whenever the policyholder and the policy qualify, because the buyer purchases the contract from you; the carrier’s permission is not needed and the carrier is not a party to the decision. Its only role comes at closing, when it records the change of owner and beneficiary.
If the name on your contract does not match the name on your mail, that is expected. SILAC Insurance Company of Salt Lake City is the former Equitable Life & Casualty Insurance Company, rebranded in 2020. Many older contracts still carry the Equitable Life & Casualty name on the cover page. SILAC’s business today is overwhelmingly annuities — verify the 2026 ownership, financial strength rating, and whether SILAC still services any legacy life block directly, by calling the number on your most recent statement.
This guide is about the number that actually governs a whole life decision: the cash surrender value line on your annual statement, and how paid-up additions and any policy loan move it. Pine Lake Life Solutions is not affiliated with, endorsed by, or acting on behalf of SILAC or Equitable Life & Casualty.
In This Article
- SILAC or Equitable Life & Casualty — Same Contract, New Name
- Find Three Numbers on Your Annual Statement
- Dividends and Paid-Up Additions
- A Policy Loan Reduces What You Actually Receive
- Do You and the Policy Qualify?
- Documents and the Process
- Alternatives Whole Life Gives You
- Frequently Asked Questions
SILAC or Equitable Life & Casualty — Same Contract, New Name
Equitable Life & Casualty was founded in Salt Lake City and spent decades serving the senior market. In 2020 the company rebranded as SILAC Insurance Company, and its product focus has shifted heavily toward annuities.
For a policyholder, a rebrand or a transfer of a block of business changes the letterhead, not the contract. Your guaranteed cash value schedule, guaranteed death benefit, and guaranteed maximum premium are written into the policy and travel with it. State guaranty association protections continue to apply within their limits.
What does change is who answers the phone. Older life blocks are sometimes administered by a third-party service provider or reinsured to another company. Call the number on your latest premium notice and ask: who services this policy today, what is the current cash surrender value, and how do I request an in-force illustration. Get the answers dated and in writing. Confirm all of this with the carrier as of 2026 rather than relying on old paperwork.
Find Three Numbers on Your Annual Statement
Whole life statements bury the important figure among similar-sounding ones. Locate all three.
- Face amount / death benefit. What beneficiaries receive at death. The largest number, and not what you would get for cashing out.
- Cash value. The accumulated value inside the contract.
- Cash surrender value. What the carrier would actually pay you today — cash value less any surrender charge, less any outstanding loan and accrued interest.
Cash surrender value is the benchmark. A settlement offer is measured against it, not against the death benefit. If the carrier would hand you $52,000 today, a sale only makes sense if it beats $52,000 after fees. Work through how cash surrender value works and then settlement vs. surrender side by side.
Dividends and Paid-Up Additions
If your whole life policy is participating, it may pay dividends. Dividends are never guaranteed, and the election you made decades ago quietly shaped what you own now.
The most common election, paid-up additions, uses each dividend to buy a small block of fully paid whole life. Those additions carry their own cash value and earn future dividends, so over 25 or 30 years they can lift both the death benefit and the surrender value well above the original schedule. Other elections take dividends in cash, apply them to reduce premium, or leave them on deposit at interest — each producing a different policy today.
Check your statement for the current dividend option and the value of any paid-up additions. If you cannot find it, ask the servicing carrier for a values breakdown. Two policies issued the same year with the same face amount can be worth very different amounts because of this one line.
| Exit Option | What You Receive | Coverage Afterward | Best When |
|---|---|---|---|
| Surrender | Cash surrender value, net of any loan | None | Small policy with no market interest |
| Reduced paid-up | No cash; premiums stop | Smaller, fully paid death benefit | You want coverage without payments |
| Extended term | No cash; premiums stop | Full death benefit for a set number of years | Short-term protection still needed |
| Policy loan | Loan up to available cash value | Death benefit reduced by loan plus interest | Temporary cash need, keep the policy |
| Life settlement | Lump sum, typically 10–35% of face value (GAO-10-775) | None, or partial with retained death benefit | Coverage no longer needed; cash needed now |
A Policy Loan Reduces What You Actually Receive
Borrowing against whole life is easy and repayment is optional, which is exactly why so many older policies carry a balance nobody has looked at in years.
In a settlement, the loan is paid off at closing out of the proceeds. Your net check is the offer minus the loan balance and accrued interest. A $250,000 policy carrying an $80,000 loan is priced as the smaller asset it has become, and the same reduction applies if you surrender instead.
There is also a tax dimension. When a loan is discharged on a policy with low cost basis, gain can be recognized. Rules depend on your basis, the policy’s history, and your circumstances, and federal treatment of settlement proceeds changed in 2017. Get the exact loan payoff figure as of a stated date, then take it to a CPA or tax attorney. Nothing here is tax advice.
Do You and the Policy Qualify?
Two screens run at once.
The insured. Buyers price life expectancy from medical records reviewed by independent underwriting firms. Interest is strongest for insureds roughly 65 and older, or younger with a significant health change since the policy was issued.
The contract. Death benefit of $100,000 or more, in force beyond the contestability period, premiums that are payable, and clean ownership — no unresolved trust question, divorce decree, or collateral assignment.
Whole life sits in a middle zone. Very rich cash value relative to face amount raises the floor a buyer must beat and can compress offers; a large death benefit with moderate cash value tends to price better. Note also that a legacy senior-market carrier’s older policies are sometimes modest in face amount, and small policies simply cannot carry the fixed cost of a transaction. See what policies qualify.
Documents and the Process
To start a free review you need one page: the policy cover page showing insurer, policy number, face amount, and issue date. Everything else comes later.
The full sequence:
- Free review (days). A preliminary read on whether the policy is a realistic candidate.
- Documentation (2–4 weeks). Annual statement, in-force illustration from the servicing carrier, HIPAA authorization, medical records, life expectancy reports. Any release you sign should be specific and revocable.
- Offers. In writing. If a broker is in the middle, ask for gross and net-of-commission figures.
- Contracts and independent escrow. Never transfer ownership against a promise of later payment.
- Transfer and funding. The carrier records the new owner; escrow releases your money. Most states then provide a rescission window.
Plan on roughly 60 to 120 days. Reported outcomes generally fall between about 10% and 35% of face value, and the federal GAO study (GAO-10-775) found sellers received roughly four to eight times cash surrender value. See how much you can get for a policy.
Alternatives Whole Life Gives You
Whole life offers more exits than any other policy type, and a good decision prices all of them.
- Reduced paid-up insurance. Stop paying premiums and keep a smaller, fully paid death benefit. The right answer when the premium is the problem but coverage is still wanted.
- Extended term. Use existing cash value to buy the full death benefit as term for a set number of years.
- Policy loan. Cash without giving up the contract, at the cost of interest and a reduced death benefit.
- Surrender. Fast, simple, usually the smallest payout.
- Life settlement, including retained death benefit structures. See how the policy options work.
If you also hold SILAC or Equitable Life & Casualty universal life or term coverage, the analysis changes by type — see selling a SILAC universal life policy or a SILAC term policy. Send the cover page for a free review or call (305) 209-7183.
Frequently Asked Questions
My policy says Equitable Life & Casualty, not SILAC. Is it still valid?
Yes. Equitable Life & Casualty rebranded as SILAC Insurance Company in 2020, so older contracts commonly carry the former name. The rebrand does not change your guarantees. Call the number on your latest statement to confirm who services the policy in 2026.
Does the carrier have to approve a life settlement?
No. A life insurance policy is personal property and the buyer purchases the contract from the owner. The carrier’s role is limited to recording the ownership and beneficiary change after closing. It does not approve or reject the sale.
Which statement number should I compare an offer against?
Cash surrender value — what the carrier would pay you today after surrender charges and any loan payoff. That is your real alternative. The death benefit sets the ceiling of the transaction, not your fallback.
Do paid-up additions make the policy worth more?
They raise both the death benefit and the surrender value, so the effect on an offer is not one-directional. More death benefit attracts buyers, but a higher surrender floor is a bigger number an offer must clear. Only a review of your actual values shows the net result.
What happens to my outstanding policy loan?
It is paid off at closing from the sale proceeds, so your net payment is reduced by the balance plus accrued interest. Request the exact payoff as of a stated date. Ask a CPA about the tax effect, since discharging a loan on a low-basis policy can create taxable gain.
Is the money I receive taxable?
It depends on your cost basis, the policy’s cash value, and your situation, and federal rules changed in 2017. This page is educational only and not tax advice. Speak with a CPA or tax attorney before closing.
What size policy is worth reviewing?
Pine Lake works with policies of $100,000 or more in death benefit. Underwriting, medical records, and servicing costs are largely fixed, so smaller senior-market and final-expense policies generally cannot support a transaction.
How long does it take and what do I send first?
Plan on 60 to 120 days from application to funded payment. To begin, send only the policy cover page showing insurer, policy number, face amount, and issue date. Call (305) 209-7183 if you are not sure which page that is.
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
- Cash Surrender Value Life Insurance
- Life Settlement Vs Surrender
- What Policies Qualify For Life Settlement
- How It Works Policy Options
- Sell My Silac Universal Life Policy
- Sell My Silac Term 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.