Our insurance provider wants us to pay $3,000 per premium - out-of-pocket - for a total of $6,000. How can this be? The customer service rep told us that we have a policy that stated our premiums would go up after 21 years. We were never told this let alone understood this would ever happen.
At this rate, we cannot afford to keep our whole life policies. We have paid well over the $250,000 these policies are worth through our original cash outlay and annual dividend payments. Now they want more from us when our employers can't even give us COL raises annually. We do not have $6,000 to pay for these policies. We feel robbed that an insurance company would do this to us after all these years. They have all of our money - money we thought we could always borrow against if we had to - and we will end up with nothing if we do not pay the full amount due.
We do have a term policy on my husband, but not one for me. Any recommendations on how we can resolve this situation with our whole life policies? Are there alternative products we could consider?
Thanks for any help you can provide.
submitted by Diane in New England