There is a very good term settlement program available on the market now that works with convertible and non-convertible level term. The program is for males that are 65 and older and have a level term policy with at least three years left on the level period. The face amount to qualify for this program needs to be at least 1 million and no more than 5 million. The offers are typically between 2 and 7 percent of the face amount.
The beauty of this program is that it can provide you cash right now and no real underwriting and no life expectancies are needed. The client will be given the offer typically within a 3-4 day span after filling out a one page summary of their situation with the agent. This type of settlement can be a great thing as most term clients will let the policy end and then have no insurance at the end. This gives them an option to receive money from the policy immediately for whatever needs they have or it can be used for estate planning. Many of the term policies where purchased initially for income replacement and now there are estate planning needs. For example, part of the settlement money could be a great start to purchase a second to die life insurance policy in a trust.
If you find yourself with a policy that falls into that range, it may make sense to consider what your options might be.