A Florida-based life settlement firm is offering a program to buy term life policies.

“We have encountered a unique fund that can purchase term policies meeting specific criteria,” said Scott Kirby, Co-President of Advanced Settlements Inc.

The company said it will buy policies of men between the ages of 65 and 79, with a face value of between $500,000 and $5 million.

Company officials say policies need not be convertible, and even if it is, it will not be converted for the sale. The policy must be in a current level premium period with ideally four years remaining of the current term period and must be renewable to at least age 90 thereafter.

Other requirements include no medicals or life expectancy certificates required; standard or preferred ratings only and an “A” or better rated U.S. carrier for a policy that must be beyond the contestability period.

Policies from residents of Alaska, Louisiana, North Dakota, West Virginia and Puerto Rico are not eligible, and restrictions apply to New York residents.

Officials say policies will not be shopped to multiple bidders.