If you own and pay for a Universal Life Insurance policy or derivative policy, you are likely going to be receiving a very discouraging letter from your insurer soon. This letter will say something like this:
Pay now or your premium will increase by several hundred percent!
These companies that have sold these policies are now notifying policyholders that they are required to make 1 of 2 choices:
- Continue paying for your policy and keep your end-of-life benefits, but pay much, much more (often times 5 or 6 times the normal premium amount)
- Don’t pay your policy and forfeit and lose all the money you have put into it to date, meaning you won’t get any benefit from the policy at the end of life.
Why are Universal Life Insurance companies suddenly raising rates & making demands?
Here at Judnich Law, we believe litigation is necessary to uncover the real motivation, but the general principle is easy to see: These companies want to make more money and pay less.
Think about it: the life insurance company gets to arbitrarily tell you that you now have to pay large amounts you may not be able to afford just to keep the policy you’ve had for a long time.
If you do pay, they make more money. If you don’t pay, you lose the policy and they keep all the money you’ve already paid them, but they still make more money.
Our team at the Judnich Law believes this is wrong. The insurance agents that sold these policies failed to fully inform buyers of this practice and possible outcome.
File a lawsuit against your universal life insurance company
The team at Judnich Law is here to help you. We’re filing lawsuits to combat these shady insurance practices.
Whether you’ve already received one of these letters or are waiting by the mailbox to receive one any day, know that you’re not alone.
Several lawsuits have been filed throughout the United States on this specific issue already, but this is just the tip of the iceberg. To change the way the life insurance industry is treating policy owners, more lawsuits must be filed.
Schedule a FREE legal consultation
If you would like our office to review your Universal Life Insurance policy and situation for FREE, please complete our eligibility form. We’ll review your information and get in touch soon.
No matter where you live, or when you bought your policy, we can help.
Find out if your case is eligible.
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Marty is a former criminal prosecutor in the Cascade County Attorney’s Office and now uses that experience to defend those accused of crimes. A University of Montana School of Law graduate, Marty focuses his practice on personal injury and criminal defense and is a premier DUI defense attorney. He is also well versed in the insurance claims industry and has negotiated significant settlements with nearly every major insurance company.