August 15th, 2016| Nobody likes a price increase, especially for the same exact product you were paying less for before. In recent years, some large companies have gotten some pretty bad press for increasing their subscription rates with little notice. Though most of the time it only amounts to a few more dollars per month, it’s the principle of the thing. Unfortunately, some life insurance companies are attempting the same thing, but their increases are much more significant, putting customers who have paid premiums for years at risk of losing their policy. Here’s how it works. You buy a life insurance policy to ensure your family is taken care of in the event of your death. You pay the premiums every month, without fail. Then one day, you receive a notice in the mail that your policy premiums are skyrocketing, leaving you with 3 options:
- Pay the inflated premiums for the exact same policy.
- Cancel the policy that you’ve paid into for years.
- Wipe out the life insurance policy savings you’ve accumulated.