ATTORNEY NEWSLETTER
How to Prepare for Changing Rates
Planning Ahead
Many people see life insurance as a solid way of planning for the future. If you purchase a whole life insurance policy while you’re young, and start making payment early, you can keep your monthly payment down while accruing cash value for your retirement. For many people, this plan is a low-cost, long-term way of creating a financial bedrock for old age. Unfortunately, insurance companies don’t always see it the same way. For them, low-rates and high-cash value means that they’re not making as much money from the policy as they could. Sometimes, they take steps to wring some extra value out of whole life policies that their customers have held for decades.
Abrupt Changes
Insurance companies exist in a constantly shifting landscape. Competitors frequently buy each other, companies fold and are restructured. Even if you don’t see a change in your billing statements, behind the scenes the company you bought your policy from may be entirely different. Consequently, it will come as no surprise that there may be sudden jumps in your whole life insurance rates when new management takes over. Double, triple, or ten-fold increases have been known to happen, effectively pricing out policyholders who stand to benefit from the more generous whole life insurance policy they originally purchased.
Know your Rights
It can be tough to force your way through the dense legalese of your insurance policy. But it’s important that you, an independent financial advisor, or an attorney look over exactly what you are agreeing to (or have already agreed to). Policies can vary wildly, and without looking over the original document, there’s no way to ensure that you are being treated according to your agreement to the company.
Major Sellers of Whole Life Insurance
Companies that sell whole life insurance include:
- Northwestern Mutl Life Ins Co.
- New York Life Insurance Co.
- State Farm Life Insurance Co.
- Massachusetts Mutl Life Ins Co
- Guardian Life Ins Co. of Am
- Penn Mutual Life Insurance Co.
- American Family Life Ins Co.
- COUNTRY Life Insurance Co.
- MetLife Insurance Co. USA
- State Farm Life & Accdt Assr
- American United Life Ins Co.
- Sec Mutual Life Ins Co. of NY
- Ohio National Life Ins Co.
- National Life Insurance Co.
- Trustmark Insurance Co.
- MTL Insurance Co.
- Ameritas Life Insurance Corp.
- State Life Insurance Co.
- Illinois Mutual Life Ins Co.
- United Life Insurance Co.
- Pan-American Life Insurance Co
- CICA Life Ins Co. of America
- Savings Bank Life Ins Co of MA
- Minnesota Life Insurance Co.
- Boston Mutual Life Ins Co.
- CMFG Life Insurance Co.
- Gvt Personnel Mutl Life Ins Co
- Principal Life Insurance Co.
- Ameritas Life Ins Corp. of NY
- National Guardian Life Ins Co.
- Farm Bureau Life Insurance Co.
- Federal Life Ins Co. (Mutual)
- United Farm Family Life Ins Co
- Columbian Mutual Life Ins Co.
- American National Insurance
- Metropolitan Life Insurance Co
- Assurity Life Insurance Co.
- American Home Life Ins Co (KS)
- Shelter Life Insurance Co.
- Life Insurance Co. of the SW
- Baltimore Life Insurance Co.
- Columbian Life Insurance Co.
- Liberty Life Assr Co of Boston
- Pioneer Mutual Life Ins Co.
- Motorists Life Insurance Co.
- Homesteaders Life Co.
- ELCO Mutual Life & Annuity
- Vantis Life Insurance Co.
- Union Labor Life Insurance Co.
- NC Mutual Life Insurance Co.
- Fidelity Life Assn. A Legal
- Beneficial Life Insurance Co.
- Guarantee Trust Life Ins Co.
- Kansas City Life Insurance Co.
- Mutual of America Life Ins Co.
- EMC National Life Co.
- Athene Annuity & Life Co.
- Securian Life Insurance Co.
- Madison National Life Ins Co.
- Funeral Directors Life Ins Co.
- Medico L&H Insurance Co.
- Nationwide Life Insurance Co.
- ReliaStar Life Ins Co. (MN)
- American Savings Life Ins Co.
- Protective Life Insurance Co.
- S.USA Life Insurance Co.
- Security Plan Life Ins Co.
- Security National Life Ins Co.
- American Fidelity Assurance Co
- Sentry Life Insurance Co.
Contact Us
If you believe that you may be the victim of an improperly sold or administered whole life insurance policy, contact the Evans Law Firm at (415) 441-8669, or by email at info@evanslaw.com. Our firm handles insurance, annuity, and investment fraud, financial and physical elder abuse, qui tam and whistleblower law, and nursing home abuse.
