Life Insurers Boosted Premiums, Now They Are Paying Refunds
March 7, 2023 by Leslie Scism
When interest rates fell to near zero after the financial crisis, dozens of life insurers boosted costs for longtime policyholders, seeking to improve results as their investment income fell. Now they are giving partial refunds to tens of thousands of these customers to settle a wave of lawsuits spurred by the increases.
Wink’s Note: This is an important issue to be aware of, if you sell ANY type of Universal Life insurance.
This is why I suggest insurance agents do their due diligence on the insurance company that they are doing business with, before they EVER consider the products that they are selling.
THERE IS MORE TO LIFE INSURANCE THAN SPREADSHEETING PERFORMANCE, FOLKS!
Thank you for the insights Leslie Scism. Actions like this are a black eye to the insurance industry. -sjm