June 11, 2013
Insurance Company: MetLife
Coverage Type: Life Insurance
- Underwriting - Premium Too High
- PolicyHolder Service - Unfair Negotiation
I have been a policy holder of Met Life since the 1930's. In 1961 my policy was converted from $5,000 to $40,000. The annual premium went to $360 with interest paying the balance of the premium.Now I'm told that beginning in Sept.2013, the premium will go to over $4,000 for the first year with annual increases thereafter, due to the low interest rates.Now at age 83 I,m forced to give up $40,000 of life insurance because I can't afford these exhorbitant premiums.Can anything be done to help?
June 18, 2013 at 7:18 PM
Donald, Depending on the type of policy you purchased, MetLife may be correct. You know your health better than anyone else and it may be time to make a decision on whether it is worth paying that high of an annual premium for $40K in coverage. We suggest contacting a reputable life insurance broker and discuss your situation with them. They will have a better understanding of the rates and coverage availability in your area.