Term life is the one contract where inaction is irreversible. It accumulates no cash value, so there is nothing to surrender, and it ends on a fixed date whether or not you are ready. The only thing that can be preserved is the conversion privilege — and that privilege expires on a deadline written into the contract, usually years before the term itself runs out.
This page covers how term conversion works, where the deadlines hide, which company issued your Standard coverage, and why a term certificate obtained at work is a different problem than an individually owned term policy. It is educational only. Pine Lake Life Solutions does not buy policies, is not affiliated with The Standard or its parent companies, and gives no legal, tax or investment advice.
In This Article
Why Term Alone Is Rarely a Saleable Asset
A life settlement buyer acquires a death benefit and assumes responsibility for premiums for as long as the insured lives. That model depends on the coverage being permanent. Level term expires on a stated date, frequently well before life expectancy, and after that date there is nothing left to pay a claim on.
Term also has no nonforfeiture value. There is no cash surrender amount, no reduced paid-up option, no extended term option. If the premium stops, coverage ends after the grace period and no money comes back. That is the trade you made for the low premium in the first place.
What term does carry, in most contracts, is a conversion privilege: a right to exchange the term coverage for an individual permanent policy from the same insurer, without new evidence of insurability, if you apply in time. That right is the asset. Everything else on this page is about protecting it.
Where the Conversion Deadline Hides
Conversion provisions typically impose two separate limits. One is a duration limit — conversion is permitted through a stated policy year or through the end of the level premium period. The other is an attained-age limit — conversion is not permitted after the insured reaches a stated age, often in the sixties.
Whichever limit is reached first ends the right, and because the two are stated separately, owners miscount constantly. A 20-year term issued at 50 may feel like it has years of runway when an age-65 cap already closed the window.
For workplace coverage there is a third and much shorter clock. Group term certificates generally allow conversion only within a brief period measured in days after coverage terminates, and applications received after that period are refused regardless of health or intent. Ask the insurer, in writing, for the last date a conversion application will be accepted on your specific coverage. A written answer takes days to obtain and eliminates the guesswork entirely.
Individually Owned Policy or Workplace Certificate?
The Standard is predominantly a workplace benefits carrier. Its own website lists annuities and individual disability insurance under personal insurance and investments, while life and accidental death and dismemberment coverage sits under workplace benefits alongside group disability, dental and vision, voluntary life and supplemental products.
If your term coverage came through an employer, union, association or public-sector plan, you hold a certificate under a master contract owned by that sponsor. You cannot sell a certificate, because you do not own the underlying contract. What you may be able to do is convert it, or port it, and those rights are described in the certificate and summary plan description.
Portability continues group term coverage at group rates for a limited time after eligibility ends. Conversion produces an individually owned permanent policy at attained-age rates. Only the second creates something with any potential to be transferred later, and even then eligibility for a settlement depends on face amount, age, health, premium requirements and carrier rules, and can never be promised.
| Deadline | Where it is written | Effect if missed |
|---|---|---|
| Last policy year to convert | Conversion provision, duration limit | Conversion right ends |
| Maximum attained age to convert | Conversion provision, age limit | Conversion right ends, often earlier than expected |
| Days to apply after group coverage ends | Certificate and state law | Both conversion and portability generally lost |
| Grace period after missed premium | Grace period provision | Coverage lapses with no cash value returned |
Which Standard Entity Issued Your Coverage
The Standard’s website states that The Standard is a marketing name for Standard Insurance Company of Portland, Oregon, licensed in all states except New York, and The Standard Life Insurance Company of New York of White Plains, New York, licensed only in New York, with products and availability varying by state and being solely the responsibility of the applicable insurance company. The site carries a StanCorp Financial Group, Inc. copyright.
Get this right before calling. New York coverage is issued by a separate legal entity with its own filings, forms and regulator, and questions routed to the wrong company waste time you may not have if a conversion deadline is close.
On financial strength, The Standard states that in November 2025 A.M. Best affirmed the credit ratings of Standard Insurance Company and group affiliate companies as A, and that it is one of only eight life and health insurers to have earned an A rating or higher every year since 1928. The company traces its founding to 1906. Confirm the current rating directly with A.M. Best.
Ownership Above the Insurer, and What It Does Not Change
StanCorp Financial Group has been privately held since Meiji Yasuda Life Insurance Company acquired it in a merger completed March 7, 2016, in which each StanCorp share was converted into the right to receive $115.00 in cash. The Oregon Division of Financial Regulation approved the acquisition of Standard Insurance Company and StanCap Insurance Company Inc. by Meiji Yasuda on January 6, 2016. The Standard describes Meiji Yasuda, founded in 1881, as Japan’s third-largest life insurer.
Meiji Yasuda has continued building in the United States. In February 2025, Legal & General Group announced the sale of its U.S. protection business — which operates through Banner Life Insurance Company and William Penn Life Insurance Company of New York — to Meiji Yasuda at a valuation of $2.3 billion, and later confirmed the transaction completed.
For a term policyholder, none of that changes the contract. Your face amount, level period, conversion clause and premium schedule are what the certificate says they are. What ownership changes do affect is correspondence and service routing, so make sure the insurer has your current mailing address. A conversion notice sent to an old address is a right lost for no good reason.
A Four-Step Checklist Before the Term Ends
One: identify whether you hold an individually owned policy or a workplace certificate, and note the exact issuing entity from the face page. Two: locate the conversion provision and write down both the duration limit and the attained-age limit. Three: request in writing the last date to convert, the last date to port if applicable, and the product the coverage converts into. Four: get a converted-premium quote so you are comparing numbers, not impressions.
Do this while the coverage is still in force. Once term lapses, reinstatement is discretionary at best, comes with health questions, and carries its own short deadline. A policy still paying premiums has options; a lapsed one usually does not.
Pine Lake Life Solutions offers a free, no-obligation policy review and will read the conversion clause with you. We do not purchase policies, we make no guarantee about eligibility or value, we are not affiliated with or endorsed by The Standard, and we do not provide legal, tax or investment advice.
Frequently Asked Questions
Can I sell my The Standard term life policy?
Usually not in its current form. Level term has no cash value and expires on a fixed date, so there is generally nothing for a buyer to acquire. If your term coverage came through work you hold a certificate rather than an owned policy, which adds a second obstacle. Converting to an individually owned permanent policy is normally the first step, and eligibility for anything further is never guaranteed.
How do I find my conversion deadline?
Read the conversion provision and note both limits: the last policy year for conversion and the maximum attained age. Whichever arrives first controls. For workplace coverage there is also a short window measured in days after coverage ends. Ask the insurer in writing for the last date an application will be accepted on your specific policy or certificate number.
Which Standard company issued my term coverage?
The Standard’s website states it is a marketing name for Standard Insurance Company of Portland, Oregon, licensed in all states except New York, and The Standard Life Insurance Company of New York of White Plains, New York, licensed only in New York. Check the face page for the exact entity before contacting anyone, since the two companies have separate forms and regulators.
What is The Standard’s financial strength rating?
The Standard states on its own financial strength page that A.M. Best affirmed the credit ratings of Standard Insurance Company and group affiliate companies as A in November 2025, and that it is one of only eight life and health insurers to have achieved an A rating or higher every year since 1928. Ratings are reviewed continuously, so confirm the current rating with A.M. Best.
Does Pine Lake buy term policies?
No. Pine Lake Life Solutions does not purchase policies of any type. We are an independent education resource, not affiliated with or endorsed by The Standard, StanCorp Financial Group or Meiji Yasuda, and our only offer is a free, no-obligation policy review. Nothing here is legal, tax or investment advice, and no eligibility or value can be guaranteed.
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Related Reading
- Sell My The Standard Group Life Policy
- Sell My The Standard Universal Life Policy
- Sell My Banner Life Term Policy
- Sell My Protective Term Policy
- How Long Policy Survive Without Premiums
- Life Insurance Grace Period Explained
- Is A Life Settlement Right For You
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.