If you are a senior you might have recently received a letter from your insurance company about your whole life insurance that our rates are going up. This might have totally come out of no where because you were under the impression that when you brought your policy the premiums were going to be fixed and not go up.
Like many seniors this was very stressful. Most seniors who received these letters were all well over the age of 65. With already limited fixed funds to live on, having to pay higher premiums for your life insurance was the last thing you wanted to hear.
The truth of the matter is that you have rights that the insurance company is not telling you. Talking to an attorney about your specific situation is always the best course of action.
Among the things that you need to know is that you can sell your insurance policy to someone else at market value rather than pay the higher premiums. You can also pay your current rates but get a lower payout when you pass away. You can also cash out of your whole life insurance policy. These are just a few of the options available to you. The best way to find out all your rights is to talk to a lawyer.
Don’t let the insurance company take advantage of you.
