Introduction to Selling Term Life Insurance

Term life insurance provides coverage for a specific period—typically 10, 20, or 30 years—offering peace of mind during critical financial stages like raising a family or paying off a mortgage. However, what many policyholders don’t realize is that even after your term life policy is no longer needed, it could still hold real, sellable value.

Through a financial option called a life settlement, you can sell your term life insurance policy for a lump-sum cash payment. Instead of letting your policy lapse or surrendering it with little to no return, a life settlement allows you to unlock value from coverage you no longer need. This option is especially valuable for seniors and individuals whose financial goals have shifted—offering a practical, profitable way to repurpose your life insurance.

Who Buys Life Insurance Policies? - Couple signing documents at notary public office

Can You Sell a Term Life Insurance Policy?

Yes, you can—sell the term policy if you convert it to a permanent policy or if your life expectancy is less than the term of coverage. Many policyholders don’t realize their term life insurance may hold value even if it’s nearing expiration or no longer needed. If your policy is convertible, or if you meet age or health-related criteria, you may be eligible for a life settlement.

You may qualify if:

  • You’re 65+ or facing significant health challenges
  • Your policy has a face value of $100,000 or more
  • The policy is convertible to a permanent policy
  • You no longer need the coverage (due to retirement, financial shifts, etc.)

At Summit Life Settlements, we help you unlock the hidden value in your term life insurance policy—even if it’s no longer needed. If you’ve ever asked, “Can you sell a term life insurance policy?” — the answer may surprise you.

Through a proven process called a life settlement, eligible term policies can be sold for a lump-sum cash payout, often far more than the surrender value. Whether you’re actively exploring selling a term life insurance policy, or simply looking for a sell term life insurance policy calculator to estimate its worth — our experienced team is here to guide you through every step.

“A term life insurance policy doesn’t have to expire worthless — turn it into a powerful financial asset that serves your needs today.”

How to Sell Your Life Insurance Policy

Many choose to sell their term life policy to:

  1. Stop paying costly premiums
  2. Fund retirement, healthcare, or personal needs
  3. Avoid letting the policy lapse with no benefit
  4. Turn a depreciating asset into immediate cash
  5. A life settlement often provides a higher payout than surrendering the policy.

Instead of letting your policy lapse or surrendering it for minimal value, you could receive a significantly higher cash pay-out through a life settlement.

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Sell Term Life Insurance Policy

Why Sell Your Term Life Insurance Policy?

Many choose to sell their term life policy to:

  • Stop paying costly premiums
  • Fund retirement, healthcare, or personal needs
  • Avoid letting the policy lapse with no benefit
  • Turn a depreciating asset into immediate cash
  • A life settlement often provides a higher payout than surrendering the policy.

Instead of letting your policy lapse or surrendering it for minimal value, you could receive a significantly higher cash pay-out through a life settlement.

Life Settlement Broker - Overjoyed mature husband and wife dance in living room

How the Life Settlement Process Works

At Summit Life Settlements, we simplify the entire process:

  1. Free Consultation – We assess your policy eligibility
  2. Policy Evaluation – We get offers from trusted, licensed buyers
  3. Receive Offers – Choose the best deal, with no obligation
  4. Get Paid – If you accept, you receive a lump-sum cash payment

No upfront costs. Complete confidentiality.

Estimate Your Payout Instantly

Not sure how much your policy is worth? Use our Sell Term Life Insurance Policy Calculator for a free, no-obligation estimate. In just a few clicks, you’ll see how much value you could unlock. Or, contact us directly—our expert team is ready to help.

Policy Calculator

Why Choose Summit Life Settlements?

Choosing the right life settlement partner can make the difference between leaving money on the table — or unlocking the full value of your life insurance policy. Here’s why so many policyholders, families, and financial professionals trust Summit Life Settlements:

💼 We Work for You — Not the Buyers

As an independent life settlement broker, Summit is committed to representing your best interests. Unlike direct buyers who aim to purchase policies at the lowest possible price, we create a competitive bidding environment to ensure you receive the highest market value.

🔁 The Summit Life Marketplace

Our fully integrated Summit Life Marketplace simplifies the life settlement process from start to finish. From case evaluation and underwriting to buyer outreach and contract execution, we manage everything in one streamlined system — so you can move forward with confidence and clarity.

💵 Better Offers. Bigger Outcomes.

We leverage a national network of licensed institutional buyers to generate multiple bids on your policy — often resulting in offers far higher than the cash surrender value or what a single buyer might offer directly.

🤝 Trusted by Professionals

Summit partners with financial advisors, CPAs, attorneys, and insurance agents to help clients find the best exit strategy for their policies. Our fair and transparent 50/50 commission split makes us a top choice for professionals looking to serve their clients with integrity.

📞 Real People. Real Support.

No call centers or faceless platforms — just experienced life settlement experts who guide you every step of the way. We answer your questions, explain your options, and keep you informed throughout the process.

🏆 Proven Results. Trusted Reputation.

Summit Life Settlements is known for delivering top-dollar outcomes and white-glove service. Whether you’re a retiree, caregiver, or professional advisor, we work tirelessly to help you turn an underutilized policy into real financial opportunity.

Choose Summit Life Settlements — where your policy’s potential meets your financial goals.

 
 
Get a free consultation

Ready to Take the Next Step?

If you’re wondering, “Can I sell my term life insurance policy?”, or simply want to explore your timing options—Summit Life Settlements is here to support you. Our trusted process ensures a seamless, transparent experience from start to finish—empowering you to make confident, informed decisions about your financial future.

  • Use our Sell Term Life Insurance Policy Calculator
  • Book a free, no-obligation consultation
  • Get expert guidance from industry professionals

“Selling your term life insurance policy can turn years of premiums into a valuable return.”

Free estimate!

Yes, in many cases you can sell your term life insurance policy, especially if it’s convertible or if you’re over 65 or facing a serious health condition. This process is called a life settlement.

A life settlement is a financial transaction in which you sell your life insurance policy to a third party in exchange for a lump-sum cash payment. The buyer then takes over premium payments and receives the death benefit when the policy matures.

Generally, your policy may qualify if it has a face value of $100,000 or more, you are 65 or older, or if you have significant health issues. It’s also important that the policy is convertible or still active.

A convertible policy allows you to convert your term life insurance into a permanent policy without a medical exam. This feature increases your chances of selling the policy through a life settlement.

We offer a trusted, confidential process with access to licensed buyers nationwide. With no fees, expert support, and competitive offers, we help you make the most of your policy’s value.

No. At Summit Life Settlements, there are no upfront costs. The process is completely transparent, and you’re under no obligation to accept any offer.

Buyers see it as an investment. They pay the premiums and eventually receive the death benefit. It’s a win-win when you no longer need the coverage and prefer a cash payout now.

The payout depends on your age, health, policy value, and conversion eligibility. You can use our sell term life insurance policy calculator for a free estimate..

Tax implications vary based on your specific situation. We recommend consulting with a tax advisor, but our team can also help you understand potential outcomes during your consultation.

Typically, it takes 6 to 12 weeks to complete a life settlement, depending on how quickly medical and policy information is reviewed.