Universal Life Insurance “Cost Of Insurance” Investigation For Policyholders
Edelson Lechtzin LLP attorneys are investigating whether various life insurance companies have deceived policyholders of universal life insurance policies. Universal life insurance policies are structured with a guaranteed interest rate. However, with interest rates at historically low averages, insurance companies are having difficulty paying their policyholders their contractually obligated interest rate and are compensating by unfairly raising premiums and other fees to counter their losses incurred because of the interest rate spread.
The increased amounts being charged to policyholders are material and cannot be explained by actuarial charts or other unforeseen expenses. Rather, it is an attempt, which may be fraudulent, by the insurance companies to change their contractual obligations to their policyholders.
Some of the companies that may be engaging in the above fraudulent activity are the following:
- Aegon USA
- Equitable Life Insurance Company
- Jefferson Pilot
- Minnesota Life/Securian
- Nacolah Life
- National Life Group
- Old Mutual Financial
- Pacific Life
- Penn Mutual
- State Farm
- Southland Life Insurance Company
- Voya Financial
If you are a universal life insurance policyholder with one of the above companies or another and believe that the company is not honoring its contractual obligations, please contact us at 844-696-7492 or complete the form below.