Policyholder Risks on Universal Life Insurance
Hitting Seniors Hardest
A hidden risk that premiums can skyrocket lies in universal life insurance. Unlike term and whole life insurance, universal life policies allow flexible premium payments but those payments can increase dramatically over time leaving consumers with the poor choice of paying a much higher bill to keep the policy going or allowing the policy to lapse. If the policy lapses or is cancelled, surrender charges may be incurred. The Marin County and California insurance and financial elder abuse attorneys at Evans Law Firm, Inc. represents consumers, especially seniors, who suffer losses on universal life insurance surrenders or cancellations. If you or a loved one has suffered such a loss call us today at (415)441-8669 and we can review your policy for free. We handle life insurance, annuity, and financial elder abuse cases in Marin and throughout California. A list of major life insurance carriers in California appears below.
Premium increases reflect the bad bets insurers made on interest rates. Carriers offered universal life policies with high teaser interest rates but after years of low interest rates carrier profitability declined. To compensate, carriers raised rates on insureds dramatically, blaming the increases on mortality conditions instead of their own mistaken bet on interest rates. Policyholders see the unexpected increases as bad faith on the part of the carriers. Lawsuits have followed.
As experts point out, consumers need to understand the risks involved with these flexible premium universal life policies. Don’t count on an agent or advisor to fully explain those risks as universal life insurance, like all life insurance and annuities, is an common-producing product. And don’t buy into the idea that universal life is a good way to save; there are plenty of less costly tax-deferred ways to save for retirement. In any event, always consult a professional with nothing to gain from your purchase of any life insurance or annuity and also consult your tax advisor as withdrawals, replacements, and surrenders can have adverse tax consequences for you.
If you are over 60 and surrendered a whole life or universal life insurance policy in Marin County or elsewhere in California, contact Ingrid M. Evans and the other Evans Law Firm, Inc. insurance attorneys for a free review of your policy at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</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 physical and financial elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and annuities, including universal life insurance and variable and fixed indexed annuities, in California are listed below. We are not in any way suggesting that any of these carriers or distributors has done anything wrong. Rather, the list is provided solely as a reference for our readers.
AIG/American General Life Insurance Company
Allianz Life Insurance Company of North America
American Equity Investment Life Insurance Company
American General Life Insurance Company/AIG
American National Life Insurance Company
Ameriprise Financial/RiverSource Life Insurance Company
Ameriprise Financial/Securities America, Inc.
Athene Annuity & Life Assurance Company
Athene Annuity and Life Company
Aviva Life Insurance Company
AXA Equitable Life Insurance Company/AXA US
Bankers Life Insurance and Casualty Company
Berkshire Hathaway Group
Berkshire Hathaway Life Insurance Company of Nebraska
Brighthouse Financial, Inc./MetLife
Citigroup Global Markets, Inc.
Crump Life Insurance Services, Inc.
CUNA Mutual Group/CMFG Life Insurance Company
Delaware Life Insurance Company
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Forethought Life Insurance Company/Global Atlantic Financial Group
Genworth Financial, Inc.
Genworth Life and Annuity Insurance Company
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
Lincoln Benefit Life Company
Lincoln Financial Group
Massachusetts Mutual Life Insurance Company
Merrill Lynch Life Agency Inc.
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Minnesota Life Insurance Company
National Life Group
National Life Insurance Company/Equity Services, Inc.
National Western Life Insurance Company
Nationwide Life Insurance Company
New York Life Insurance Company
North American Company for Life and Health Insurance
Northwestern Mutual Life Insurance Company
Oxford Life Insurance Company
Pacific Life Insurance Company
Principal Financial Group
Prudential Life Insurance Company
Raymond James Insurance Group
Reliance Standard Life Insurance Company/Tokio Marine Group
RiverSource Life Insurance Company/Ameriprise Financial
Securities America, Inc./Ameriprise Financial
Security Benefit Life Insurance Company/Guggenheim Partners
The Standard Life Insurance Company
Symetra Financial Corporation
Symetra Life Insurance Company
Transamerica Life Insurance Company
Unum Life Insurance Company of America
USAA Life Insurance Company
Voya/Reliastar Life Insurance Company
Wells Fargo Advisors
Western & Southern Financial Group
The Western & Southern Life Insurance Company
World Financial Group Insurance Agency, Inc.