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Universal Life Polucy can drop us?

Discussion in 'Life Insurance, Annuities & Other' started by mindy23, Jan 26, 2015.

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  1. mindy23

    mindy23 Law Topic Starter New Member

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    20 years ago, we purchased a Universal Life insurance policy thru Jackson National Insurance Co. We have paid our premiums faithfully, there has never been to problem. But now that the 20 years have arrived, the policy states they can drop us as policy holders. When we, AND our agent contacted them, they said our previous payments didn't reflect the current economy, to if we want to keep it, we need to come up with $19,000!
    Coincidentally, now my husband has numerous health issues, including Stage 4 cancer. Where do we stand, after losing all this $?
     
  2. army judge

    army judge Super Moderator

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    Contact the AZ Insurance Commission:

    https://insurance.az.gov/consumers/help-life-insurance-and-annuities
     
  3. mindy23

    mindy23 Law Topic Starter New Member

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    That's another link, but doesn't give me anything other than more people to call. I do plan to call the AZ. Attorney General, and the link above. I was hoping someone, somewhere had a deeper knowledge of a situation like this.
     
  4. army judge

    army judge Super Moderator

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    You're correct, there are people with a deeper knowledge. They are called AZ licensed attorneys. Hire yourself one, two, or three, or more. Pay for their DEEP knowledge. Life no longer offers FREE lunches.
     
  5. Betty3

    Betty3 Super Moderator

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    I worked for a life ins. co. & Universal Life policies can be "tricky". You need to talk to the Az. Attorney General & possibly an attorney who specializes in life ins. (there are some) about your particular/specific policy. You can possibly get a referral to a life ins. attorney from your local or state bar assoc. Those policies can become confusing - a lot depends on the details/provisions, etc. of your individual policy. Sometimes your agt. can help you but it looks like you already talked to your agt. You need to take your policy with you if you talk to an attorney.
     
  6. mindy23

    mindy23 Law Topic Starter New Member

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    Thank you. My SIL gave me the name of a local insurance lawyer. We didn't realize before that we had a terminal illness rider. But we do, and my husband has Stage 4 Cancer. We're looking into that option with our agent.
     
  7. Betty3

    Betty3 Super Moderator

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    Ok. I'm glad your agt. is helping you & you have the name of an ins. lawyer. I hope things work out regarding the ins.
     
  8. mindy23

    mindy23 Law Topic Starter New Member

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    Thank you. I'll update when we move forward and get some answers.
     
  9. Betty3

    Betty3 Super Moderator

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    You're welcome. Ok, update us & let us know how things went when you find out something.
     
  10. mindy23

    mindy23 Law Topic Starter New Member

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    I will do that, Betty. The paperwork for our rider is on its way. We need to get it to my husband's oncologist and see what she wants to do. Hopefully, she won't have a problem with it, since it's our only option to get anything back.
     

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