how can an ins. com. go up on whole life policy you have had since 1989 ?
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how can an ins. com. go up on whole life policy you have had since 1989 ?
Asked on June 18, 2009 under Insurance Law, North Carolina
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Generally, whole life insurance policy premiums are fixed and do not go up. Absent a specific provision regarding this, the premiums should not have increased; you need to carefully read your policy over. Also, make sure that it is a "whole life" versus "term" policy. Term policy premiums can and do go up, typically within 10 or 20 years of issuance of the policy (and you are at the 20 year mark now).
If you can find no satisfactory explanation for the increase, contact the insurance company to inquire of them. Possibly this was an administrative error; if not get their reasons for the increase in writing. If you don't agree, then I would consult with an attorney on the matter.
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