Insurance That Seniors Bought Decades Ago Is Reeking Havoc On Their Lives Today.
Universal Life was popular when it was introduced in the 1980s. It offered both insurance and a savings account with high interest rates that would earn money to keep premiums the same. But as a recent article by the Wall Street Journal points out, things didn’t go as planned:
“Today, rates are completing a decade at historically low levels, crimping the savings accounts. Meanwhile, the aging of the earliest customers into their 70s, 80s and even 90s has driven the yearly cost of insuring their lives much higher.”
Seniors are suddenly finding out they owe thousands – even tens of thousands – a year in premiums. As one retiree says in the Wall Street Journal piece:
“I’m very scared that everything will go down the drain.”
Click here to read the entire Wall Street Journal article.
At Coventry Direct, we’re committed to helping people understand their range of financial opportunities. One option for seniors facing economic uncertainty is to sell their life insurance. To learn more, contact us to find out if you qualify.