Term life is priced to be inexpensive because it is temporary. There is no account value, no surrender value, and nothing to borrow against. When people ask whether a term policy can be sold, the honest answer is that in most cases there is nothing there to buy, and anyone who suggests otherwise before reading your contract is selling something.
There is one exception worth taking seriously: the conversion privilege. If your contract still allows you to exchange term coverage for a permanent policy without new medical underwriting, you hold a right that can matter enormously, especially if your health has changed since the policy was issued. This page covers who administers Voya term policies today, how to locate your conversion deadline, and what to do if that window has closed. Pine Lake Life Solutions is independent, does not purchase policies, and is not affiliated with or endorsed by Voya.
In This Article
Voya Term Policies: Who Holds Them Today
Start by figuring out where your policy lives, because Voya’s individual life business is no longer at Voya. On January 4, 2021, Resolution Life completed its acquisition of substantially all of Voya Financial’s in-force individual life business, taking all of the shares of Security Life of Denver Insurance Company and Security Life of Denver International Limited plus Midwestern United Life Insurance Company, and reinsuring Voya’s remaining in-force individual life and annuity blocks. More than US$25 billion of assets moved to Resolution Life in the transaction, along with approximately 350 employees.
Voya’s own contact page reflects that split today: individual retail life insurance policy questions are directed to Resolution Life, while Voya retains group life and disability, listed at 800-955-7736. Voya (NYSE: VOYA), formerly ING U.S., now organizes itself around Retirement, Investment Management and Employee Benefits.
So: if you bought the policy yourself from an agent, it is likely a Resolution Life-administered contract now. If the coverage came through work, it is a group certificate and a different analysis entirely. Read the issuing company name on the policy face page, not the letterhead of the most recent mailing.
Term Insurance Has Nothing to Sell Without Conversion
A life settlement transfers ownership of a policy to a buyer who then pays premiums and eventually receives the death benefit. For that to work economically, the coverage has to be capable of lasting to the end of the insured’s life. Level term insurance is designed to expire on a fixed date. If a 20-year term issued at 58 ends at 78, there is generally no death benefit for anyone to collect afterward.
Some term contracts do renew annually past the level period, at premiums that increase every year and often become extraordinary at older ages. Those renewal economics almost never work for a buyer, and frequently do not work for the owner either. This is the ordinary case, and it is why term policies as a class are rarely settleable.
The conversion privilege breaks that logic, because it turns temporary coverage into permanent coverage. That is the one path worth investigating carefully.
Finding the Conversion Deadline in Your Contract
The conversion provision is normally a titled section of the policy, often called “Conversion Privilege” or “Right to Convert.” It states two limits, and whichever arrives first ends the right. One is an age limit, frequently somewhere in the range of 65 to 70. The other is a duration limit expressed in policy years from the issue date, or as a point within the level premium period.
You need three numbers off the schedule page to do the arithmetic: issue date, issue age, and end of the level premium period. If you no longer have the policy, request a duplicate contract from the current administrator. Duplicate policies are a routine request and are normally provided without charge.
Then confirm the answer in writing. Ask the administrator two specific questions: is the conversion privilege on this contract still open, and if so, what permanent products is it convertible into. That second question matters on a closed block, where the menu of available permanent products may be narrow or may point to a specific affiliated company. A verbal answer from a service representative is not something you want to rely on months later.
| Item to confirm | Source | Consequence if missed |
|---|---|---|
| Issuing company name | Policy face page | Forms sent to the wrong administrator are not processed |
| Conversion age limit | Conversion Privilege provision | Right ends permanently, cannot be reinstated |
| Conversion duration limit | Conversion Privilege provision | Often expires long before the term does |
| Partial conversion allowed | Contract or administrator, in writing | You may convert more coverage than you can afford |
| Accelerated benefit riders | Rider pages of the policy | An existing benefit goes unused |
What a Conversion Actually Produces
Conversion exchanges the term policy for a permanent policy issued without new health questions or a medical exam. The permanent policy is priced at your attained age, not your original issue age, so the premium is substantially higher than what you have been paying. That is the trade: you are buying access without proving insurability.
The value is highest when your health has declined. If a serious diagnosis would make you uninsurable in the open market, conversion may be the only route to permanent coverage at any price. It is also relevant if you have a permanent need that has outlived the original term, such as estate liquidity or a dependent with lifelong support needs.
You do not have to convert the full face amount. Most contracts permit partial conversion, which lets you keep a smaller permanent policy at a manageable premium while letting the rest of the term coverage expire. That option is frequently overlooked and is often the right answer.
When the Window Has Already Closed
If conversion has expired and the policy is pure term with a fixed end date, be prepared for the answer to be that there is nothing to sell. That is not a failure on your part. It is how the product was designed and priced, and knowing it definitively is more useful than a maybe.
What is still worth doing: confirm the exact expiry date so you know precisely how long you are covered; check whether the policy renews after the level period and at what premium, since a single expensive renewal year can be worth it if you have a near-term need; look for accelerated death benefit riders for terminal or chronic illness, which frequently sit unused on term policies at no extra premium; and if you are insurable, get a fresh quote, because underwriting for some conditions has become more favorable over the past two decades.
If you own several policies, evaluate them together. It is common for a household to hold a term policy with no remaining options alongside a universal life policy where the real decision lies.
Ratings, Contacts and What to Verify Yourself
For Voya’s retained group business, AM Best affirmed the ReliaStar Life Insurance Group, which includes ReliaStar Life Insurance Company of Minneapolis and ReliaStar Life Insurance Company of New York, at a Financial Strength Rating of A (Excellent) with a stable outlook and Long-Term Issuer Credit Ratings of “a+” on March 13, 2025. If your term policy sits in the block acquired by Resolution Life, the rating that matters is that of the current issuing company rather than a Voya entity, so look up the issuer named on your face page.
Voya’s published Group Life and Disability line is 800-955-7736. For an individual retail policy, Voya directs inquiries to Resolution Life; use the contact information on your most recent statement, which is the most reliable source. Ratings are point-in-time opinions and can change.
If you want a second set of eyes on the contract before the conversion window runs out, Pine Lake offers a free, no-obligation policy review. Nothing here is legal, tax or investment advice, and Pine Lake does not purchase policies.
Frequently Asked Questions
Can a Voya term life policy be sold?
Usually not as it stands. Term insurance has no cash value and expires on a fixed date, so there is generally no asset for a buyer to acquire. The one path worth investigating is the conversion privilege, which exchanges term for permanent coverage without new underwriting. If that privilege has expired, there is normally nothing to sell.
Who administers Voya individual term policies now?
Resolution Life completed its acquisition of substantially all of Voya’s in-force individual life business on January 4, 2021, including Security Life of Denver Insurance Company and Midwestern United Life Insurance Company. Voya’s own contact page directs individual retail life policy questions to Resolution Life. Check the issuer on your face page and your latest statement.
Can I convert only part of my term policy?
Most term contracts permit partial conversion, which lets you convert a portion of the face amount to permanent coverage and let the balance expire. That keeps the permanent premium manageable while preserving insurability on the amount you keep. Confirm the minimum conversion amount with the administrator in writing.
What if my conversion window has already closed?
Then the realistic steps are practical rather than transactional: confirm the exact expiry date, check whether the policy renews and at what premium, look for accelerated death benefit riders, and get a fresh quote if you are insurable. Also review any other policies you own, since the real decision often sits elsewhere.
Does Pine Lake buy term policies?
No. Pine Lake Life Solutions does not purchase policies and is not affiliated with, endorsed by, or acting on behalf of Voya or Resolution Life. The only thing offered is a free, no-obligation review of your documents. Eligibility and value in the secondary market are never guaranteed.
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Related Reading
- Sell My Voya Group Life Policy
- Sell My Voya Universal Life Policy
- Sell My Voya Variable Universal Policy
- Sell My Protective Term Policy
- Sell My State Farm Term Policy
- Is A Life Settlement Right For You
- Life Insurance After 65
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.