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Apr 20, 2018 by |

California and Marin County Life Insurance Attorneys: Whole and Universal Life Insurance


Whole and Universal Life Insurance

Whole and Universal (a mix of whole and term) life insurance policies are sold by agents as tax-deferred savings vehicles. Often the sales pitch to younger consumers is for retirement or education savings.  For seniors, the pitch includes retirement savings and death benefits for the senior’s heirs.  Be cautious with these expensive insurance policies as instruments for savings. Always get a second opinion from an advisor who does not stand to gain a commission from any sale and consult with your tax advisor. 

The California life insurance attorneys at Evans Law Firm, Inc. represent clients, especially seniors, who have suffered losses under these contracts. If you are over age 60 and live in California, call us today at (415)441-8669 for a free review of your policy.[1]  A list of the major providers of whole and universal life insurance in California is included below for your reference.

Surrender Charges on Whole and Universal Life Insurance

Surrender charges are imposed on early withdrawals from these policies; the surrender charge periods can last for as much as fifteen years. If you are over age 60, live in California, and have surrendered a whole or universal life insurance policy, you may have paid a surrender penalty.  You may also have suffered a tax loss on the surrender.  The California Insurance Code has very specific rules about the information your insurance carrier must disclose regarding surrenders.  The California life insurance and financial elder abuse attorneys at Evans Law Firm Inc. represent seniors who have suffered losses on policy surrenders.  If you or a loved one has sustained a loss from surrender penalties, rider fees, or other charges under life insurance and/or annuity policies, or a tax loss, call the Marin County and California life insurance attorneys at Evans Law Firm today at (415)441-8669.

Whole and universal life insurance premiums are higher than term life insurance premiums. Your money will be tied up for a long time and may be subject to continuing fees and charges.  Sales commissions, surrender charges, rider fees, administrative fees, and subaccount fees all erode returns on investment in any form of whole or universal life coverage.  Be especially wary when an agent recommends these products as retirement savings instruments.  While growth in policy value is tax deferred prior to withdrawal, other retirement savings vehicles such as 401(k)s and IRAs also are tax-deferred but do not impose penalties on early withdrawals.  Plus, direct investments in CDs, money market funds and stocks and bonds do not carry continuing administrative fees and charges. You may also be hit with an unexpected tax bill on surrender of any whole or universal life policy. Always consult with your tax advisor on any surrender or replacement of a policy.

Contact Us

If you are over 60 and surrendered a whole life or universal life insurance policy in Marin County or elsewhere in California, contact Ingrid Evans and the other Evans Law Firm, Inc. life insurance attorneys for a free review of your policy at (415) 441-8669, or by email at <a href=””></a>. Our attorneys have experience with complex indexed universal and whole life policies and annuity contracts and cases against large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement.  We handle cases involving financial elder abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

Some of the major annuity and life insurance providers in California are listed below. We are not suggesting in any way that any of these carriers has done anything wrong.  Rather, the list is provided solely for our readers’ convenience.

Athene Annuity and Life Company

AXA Equitable Life Insurance Company

Bankers Life Insurance and Casualty Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Life Insurance Company

Global Atlantic Financial Group/Forethought Life Insurance Company

Guardian Life Insurance Company

Guggenheim Partners/Security Benefit Life Insurance Company

ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Life Insurance of the SouthWest/National Life Group

Lincoln Financial Group/The Lincoln National Life Insurance Company

MassMutual/Massachusetts Mutual Life Insurance Company

MetLife/Metropolitan Life Insurance Company

Midland National Life Insurance Company

Mutual of Omaha/United of Omaha Life Insurance Company

National Life Group/Life Insurance of the SouthWest

New York Life Insurance Company

Northwestern Mutual Life Insurance Company

Pacific Life Insurance Company

Principal Life Insurance Company

Pruco/Prudential Life Insurance Company

RiverSource Life Insurance Company/Ameriprise Financial

Security Benefit Life Insurance Company/Guggenheim Partners

Symetra Life Insurance Company

Transamerica Life Insurance Company

United of Omaha Life Insurance Company/Mutual of Omaha

Unum Life Insurance Company of America

Voya/Reliastar Life Insurance Company

[1] We do not offer investment or tax advice of any kind.

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"We contacted Evans Law Firm when we were unable to collect on a Long-Term Life Insurance policy for an elderly family member. Ingrid responded almost immediately with an offer of a free consultation. I was immediately impressed with her passion for justice!!"
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