Term life insurance is a rental, not a purchase. You pay for coverage over a defined period, and at the end of that period the coverage either ends or continues at a much higher price. There is no account value, no surrender value, and nothing to borrow against. That structure shapes every answer on this page.
The one feature that changes the picture is the conversion privilege: a contractual right to exchange the term policy for a permanent policy without new medical underwriting. Whether your Sun Life term contract still carries that right, and how long you have left to exercise it, is the question worth spending an afternoon on. This page explains where to find the answer, what Sun Life’s U.S. exit means for whom you should call, and what happens if the window has already closed. Pine Lake Life Solutions is an education resource, is not affiliated with or endorsed by Sun Life, and does not purchase policies.
In This Article
Sun Life Left the U.S. Individual Life Market in 2011
On December 12, 2011, Sun Life Financial announced the results of a strategic review and closed its domestic U.S. variable annuity and individual life products to new sales. That is the date behind a lot of confused phone calls today: a term policy issued in, say, 2006 is still fully in force under its own terms, but the product line it came from has not been sold in the United States for well over a decade.
The corporate picture went further in 2013. On August 2 of that year, Sun Life Financial completed the sale of 100% of the shares of Sun Life Assurance Company of Canada (U.S.) to Delaware Life Holdings, LLC, a company owned by shareholders of Guggenheim Partners, for a base purchase price of US$1.35 billion. The transaction included the domestic U.S. annuity business and certain life insurance businesses, including corporate- and bank-owned life insurance and variable life products. Sun Life’s remaining U.S. operations were described by then-CEO Dean Connor as focused on “our successful employee benefits business and our voluntary benefits business.”
Practical takeaway: the issuing company printed on your term policy’s face page is what determines who administers it. Confirm the current administrator before mailing a conversion application, because a conversion application that arrives at the wrong company after the deadline is the same as no application at all.
No Cash Value Means Nothing to Sell on Its Own
A life settlement is a transfer of policy ownership to a buyer who then pays the premiums and receives the death benefit. For that to make economic sense to a buyer, the policy has to be one that can realistically be kept in force to the end of the insured’s life. A level term policy with a fixed expiry date fails that test on its face. If the term runs out at age 75 and the insured is 68, there is no death benefit for a buyer to eventually collect unless the coverage can be extended.
That is why the honest answer for most term policies is that they are not sellable as they stand. Some level term policies do renew annually after the level period at a steeply increasing premium, and some are structured to run to a very late age. But renewal premiums at those ages are typically so large that the economics do not work for anyone. The exception, and the reason this page exists, is conversion.
The Conversion Privilege Is the Whole Ballgame
A conversion privilege lets you exchange the term policy for a permanent policy issued by the same carrier or an affiliated company, with no new health questions and no new medical exam. Health is the reason the right is valuable. If you have developed a serious condition since the policy was issued, you may be uninsurable in the open market, and conversion is the only door left that does not require you to prove insurability.
Conversion rights are usually limited two ways at once. There is an age limit, frequently in the range of 65 to 70, and there is a duration limit tied to the policy years elapsed. Whichever comes first ends the right. The available permanent products, and whether the carrier still offers any at all, are a separate constraint. A carrier that has exited a market may have a very limited menu of conversion products, or may direct conversions to a specific affiliated company.
Because Sun Life closed its U.S. individual life line to new sales in 2011, this is exactly the kind of question you must ask the current administrator in writing rather than assume. Ask two things: is the conversion privilege on this contract still open, and if so, what specific permanent products is it convertible into.
| What to confirm | Where it is found | Why it is time-critical |
|---|---|---|
| Issue date and issue age | Policy schedule page | Both conversion limits are measured from these |
| Conversion age cutoff | Conversion Privilege provision | Whichever limit hits first ends the right |
| Conversion duration cutoff | Conversion Privilege provision | Often expires well before the term itself |
| Available permanent products | Current administrator, in writing | A closed block may offer a very limited menu |
| End of level premium period | Policy schedule page | Premiums can jump sharply the following year |
How to Find Your Conversion Deadline
Start with the policy itself. The conversion provision is normally a titled paragraph in the contract, often labeled “Conversion Privilege” or “Right to Convert,” and it will state both the age cutoff and the policy-year cutoff. The policy schedule page gives you the issue date and issue age, which is what you need in order to do the arithmetic.
If you cannot locate the policy, request a duplicate contract from the administrator, and separately request a written statement of the conversion deadline. A duplicate policy is a routine request and is usually provided at no charge. Get the deadline in writing rather than relying on a phone call, and note the date it was quoted, because a verbal answer is worth very little if a dispute arises later.
One more thing to check while you are in the file: whether the policy carries an accelerated death benefit rider for terminal or chronic illness. Those riders often exist on term policies at no additional premium and are frequently forgotten.
What Happens if the Window Has Already Closed
Be clear-eyed here. If the conversion privilege has expired and the policy is pure term with a fixed end date, there is very likely nothing to sell, and any party who tells you otherwise before reading your contract is not being straight with you. What remains are practical steps rather than a transaction.
Confirm the exact expiry date so you know how long you are covered. Check whether the policy renews after the level period and at what premium, since even an expensive one-year renewal can be worth it if you have a near-term need. Look for accelerated benefit riders. If you are insurable, compare a new policy on your current health, because rates at some ages have improved over the last two decades. And if you own other policies, evaluate them together rather than in isolation.
Pine Lake does not purchase policies and cannot guarantee eligibility or value for any policy. A free, no-obligation policy review means someone reads the contract with you and tells you plainly what it says, including when the answer is that there is no sale here.
Company Strength and Who to Contact
On April 30, 2026, AM Best affirmed the Financial Strength Rating of A+ (Superior) with a stable outlook for Sun Life Assurance Company of Canada and for Sun Life and Health Insurance Company (U.S.) of Lansing, Michigan, and affirmed A (Excellent) with a stable outlook for Independence Life and Annuity Company of Wilmington, Delaware. AM Best cited balance sheet strength, strong operating performance, a favorable business profile and very strong enterprise risk management.
If your term contract was issued by Sun Life Assurance Company of Canada (U.S.), remember that this entity was sold in 2013 and the rating that matters is the current issuer’s. Sun Life’s general U.S. line is 1-800-SUN-LIFE (1-800-786-5433), and the support section of sunlife.com/us lists numbers by product line; verify against the number printed on your own policy, which is the most reliable source.
Frequently Asked Questions
Can I sell a Sun Life term life policy?
Usually not in its current form. Term insurance has no cash value and ends on a fixed date, so there is generally no asset for a buyer to acquire. The realistic path runs through the conversion privilege, which exchanges term for permanent coverage without new underwriting. If that privilege has expired, there is normally nothing to sell.
How do I find out if my term policy is still convertible?
Read the conversion provision in the contract and compare the stated age and duration limits against your issue age and issue date on the schedule page. Then confirm in writing with the company currently administering the policy, since the available permanent products may have changed. Request a duplicate policy if you no longer have yours.
Why does the conversion window matter so much?
Conversion is the one route to permanent coverage that does not require you to prove insurability. If your health has declined, it may be the only route available. The right typically ends at a stated age or a stated number of policy years, whichever comes first, and it cannot be reinstated once it lapses.
Who do I call about a Sun Life term policy today?
Start with the issuing company named on your policy face page. Sun Life sold Sun Life Assurance Company of Canada (U.S.) to Delaware Life Holdings in August 2013, so some legacy contracts are administered elsewhere. Sun Life’s general U.S. line is 1-800-786-5433, and the number printed on your own policy is the most reliable starting point.
Does Pine Lake represent Sun Life?
No. Pine Lake Life Solutions is independent and is not affiliated with, endorsed by, or acting on behalf of Sun Life. Pine Lake does not purchase policies. The only thing offered here is a free, no-obligation review of your documents, and this page is educational rather than legal, tax or investment advice.
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
- Sell My Sun Life Group Life Policy
- Sell My Sun Life Universal Life Policy
- Sell My Lincoln Financial Term Policy
- Sell My Banner Life Term Policy
- How Do Life Settlements Work
- Life Insurance Grace Period Explained
- How Health Affects Life Settlement Value
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.