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Feb 15, 2019 by |

Marin County and California Life Insurance Attorney: Universal Life Insurance Risks

ATTORNEY NEWSLETTER

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.

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 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:info@evanslaw.com”>info@evanslaw.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

Athene USA

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.

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