Many California seniors who have life insurance policies have recently received notifications for their insurance companies that their insurance premiums are going up. These price increases have come unexpectedly.
When we buy our whole life, variable life, or any other type of life insurance we typically assume that the price quoted and premiums will stay fixed based on the schedule of payment provided. So many senior were shocked when they were told that their premium were increasing.
The rationale for these increases was due to the insurance companies failure to stay profitable. Consequently they are placing the burden for their short comings on their senior policy holders.
As a senior, you need to know that you have rights. The insurance companies aren’t notifying you of all of your rights and options.
Yes, you can pay the price increase but at the same time, you also have the right sell your policy, keep paying your current premium and accept a lower pay out, or cash out of the policy. So you do have choices.
If you feel your rights have been violated you should consider talking to a Southern California lawyer in Los Angeles, Santa Barbara, Orange County, San Diego and Riverside area for example who can give you specific information on your rights, options, and remedies. Don’t just pay the increase premiums without getting the full story.