Term life is the one policy type where waiting costs you the option itself. A term certificate builds no cash value, so there is nothing to surrender and, in most cases, nothing a buyer can purchase. What term does carry is a conversion privilege — a contractual right to exchange it for permanent coverage without new medical underwriting — and that right expires on a date most people never look up.
This page covers how Unum term coverage is structured, where the conversion clock is written, the forms Unum publishes for conversion and portability, and why an expiring conversion window is the single most time-sensitive item in a term file. It is educational only. Pine Lake Life Solutions does not buy policies and is not affiliated with Unum Group or any of its insurance subsidiaries.
In This Article
The Conversion Clock Is the Whole Question
Most term contracts limit conversion two ways at once: by policy duration and by attained age. A typical clause allows conversion during the level term period but not after a stated policy year, and not after a stated age — often somewhere in the sixties. Whichever limit arrives first ends the right. Because the two limits are stated in different parts of the contract, people routinely assume they have years left when the age cap has already closed the door.
Find the conversion provision in your certificate or policy and write down both numbers. Then ask the carrier, in writing, for the last date on which a conversion application will be accepted. That single dated answer is worth more than any general article, including this one, because it is specific to your contract.
The reason this matters for anyone researching a sale is straightforward. Level term with no cash value and a fixed end date is generally not a saleable asset. Permanent coverage on an insured life, with a death benefit that does not expire on a calendar date, is a different instrument. Conversion is the bridge between the two, and the bridge has a closing time.
How Unum Term Coverage Is Issued and Who Services It
Unum sells primarily through the workplace. Its Form 10-K for the year ended December 31, 2025 describes the Unum US segment as group disability, group life and accidental death and dismemberment, and supplemental and voluntary lines, with products issued primarily by Unum Life Insurance Company of America, Provident Life and Accident Insurance Company, Starmount Life Insurance Company and Unum Insurance Company. First Unum Life Insurance Company writes in New York.
The corporate lineage behind those names goes back a long way. Union Mutual was chartered in Maine in 1848 and demutualized in 1986, becoming UNUM Corporation. Provident Life and Accident, founded in 1887, acquired The Paul Revere Life Insurance Company in 1997. Unum and Provident merged in 1999 to create UnumProvident Corporation, renamed Unum Group in 2007.
As of the 2025 Form 10-K, A.M. Best rated Unum Life Insurance Company of America, First Unum Life, Provident Life and Accident, Paul Revere Life, Colonial Life & Accident and Unum Insurance Company at A for financial strength, with a stable outlook across the group. Confirm the current rating directly with A.M. Best, since ratings are reviewed continuously.
Unum’s Conversion and Portability Forms, by Name
Unum publishes its plan-administration forms openly, which makes the process unusually easy to verify. For conversion, the base document is AE-1067, “Application — Life Conversion,” with state-specific editions including AE-1067-FL, AE-1067-MD, AE-1067-MA, AE-1067-NC, AE-1067-OH, AE-1067-PA, AE-1067-VA, AE-1067-WI and AE-1116-NY-2 for New York, among others. A separate group life conversion form is numbered AE-1259.
Portability is a different right with a different form. Unum’s library lists L-53371, “Application — Group Term Life Portability (Provident).” Portability continues term coverage at group rates for a limited period; conversion exchanges it for an individual permanent contract at attained-age rates. They are not interchangeable, and electing one may foreclose the other.
The deadline for both is set by the contract. Unum’s plan materials describe continuation of coverage, or portability, as continuing in-force coverage at group rates within a specific timeframe immediately following the date the insured becomes ineligible, with the contract typically defining that timeframe as 31 days. Treat 31 days as a warning, not a promise: read your own certificate.
| Deadline to look up | Where it appears | Why it matters |
|---|---|---|
| Last policy year for conversion | Conversion provision in the policy or certificate | Ends the right even if you are under the age cap |
| Maximum attained age for conversion | Same provision, stated separately | Often closes the window before the duration limit does |
| Days to apply after coverage ends | Certificate; Unum materials cite a contract-defined window, commonly 31 days | Applies to both conversion and portability |
| Grace period for unpaid premium | Grace period provision | Term has no cash value to keep coverage alive |
What a Converted Policy Actually Looks Like
Conversion is not free coverage. The individual policy you receive is priced at your attained age using the carrier’s then-current permanent rates, and the premium can be several times what payroll deduction was taking. The trade you are making is medical: conversion is generally issued without new evidence of insurability, which is exactly why it is valuable to someone whose health has changed.
Read what the contract converts into. Some plans convert to whole life, some to a designated permanent product, and the available amount may be capped at the group benefit or reduced. Ask for a specimen illustration of the converted policy before you decide, so you can see the premium, the guarantees and whether any cash value develops.
Only after conversion does the ownership question become live. A settlement requires a permanent, complete transfer of ownership to a licensed buyer, which a group term certificate generally cannot support. Unum does publish assignment forms for group life — CS-1179 (“Assignment Group Life”), CS-1180 (“Assignment Portable Group Life”), CS-1057 (“Assignment Life Under Portable Life”) and CS-1183 (“Assignment Group Life Release”) — but the existence of an assignment form is not the same as permission for an outright sale to an unrelated party.
Term Riders, Return of Premium and Other Wrinkles
A few term features change the calculus enough to be worth checking before you let coverage go. An accelerated death benefit rider, which Unum describes for covered individuals diagnosed as terminally ill, may pay part of the face amount during life. If a rider like that applies to your situation, it can be faster and simpler than any transaction involving a third party.
Return-of-premium term returns some or all premiums paid if you outlive the term. Waiver-of-premium keeps coverage in force if you become disabled. Both can materially change whether keeping a policy makes sense. Neither is universal, and both are stated in the contract rather than in marketing material.
Finally, watch the grace period. Term coverage lapses quickly once premiums stop, and unlike permanent coverage there is no cash value to keep it alive automatically. A policy that has already lapsed is a much harder problem than a policy that is about to. If reinstatement is available at all, it usually comes with a short deadline and health questions.
A Short, Honest Checklist
Pull four things: the policy or certificate, the conversion provision, a current premium notice, and a written statement from the carrier of the last day to convert and the last day to port. Unum lists 800-445-0402 for Term Life, AD&D and Whole Life inquiries and 866-679-3054 for general customer support, including coverage from a previous employer. Confirm both on unum.com before calling.
Pine Lake Life Solutions offers a free, no-obligation policy review. We will read the conversion clause with you and tell you plainly what routes exist. We do not purchase policies, we do not guarantee that any policy qualifies for anything, and we do not give legal, tax or investment advice. If the answer is that your term coverage has no saleable value and the conversion window has closed, we will say so.
Frequently Asked Questions
Can I sell my Unum term life policy without converting it first?
Usually not. Level term has no cash value and expires on a set date, which leaves nothing for a buyer to acquire in most cases. The conversion privilege is normally the step that turns term into permanent coverage you personally own. Whether conversion is available depends on your contract’s duration and attained-age limits.
Where do I find Unum’s conversion form?
Unum publishes AE-1067, titled Application – Life Conversion, along with state-specific versions for Florida, Maryland, Massachusetts, New York, North Carolina, Ohio, Pennsylvania, Virginia, Wisconsin and others, plus a group life conversion form numbered AE-1259. Your benefits administrator or Unum customer service can confirm which edition applies to your certificate and state.
Is portability the same as conversion?
No. Portability continues term coverage at group rates for a limited period after you become ineligible, using a form such as Unum’s L-53371 for group term life portability. Conversion exchanges the coverage for an individual permanent policy at attained-age rates without new underwriting. They have different costs, different results, and electing one may end the other.
How many days do I have after leaving my employer?
The contract sets the number. Unum’s plan-administration materials describe the continuation window as a timeframe defined by the contract immediately following the date the insured becomes ineligible, and note it is typically 31 days. Because plans and states vary, ask Unum or your benefits office for the exact last date in writing.
Does Pine Lake buy term policies?
No. Pine Lake Life Solutions does not purchase policies of any kind. We are an independent education resource offering a free, no-obligation policy review, and we are not affiliated with or endorsed by Unum Group or any Unum insurance subsidiary. Nothing here is legal, tax or investment advice, and no eligibility or value can be guaranteed.
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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.