by Scott Hanson
While I certainly hope that no one reading this is currently involved in a fight with their life insurer over the rising costs of their universal life premiums, I know better.
Over just the last two years, tens of thousands of universal life policyholders have been hit with double-digit premium increases from companies such as Axa Equitable, Voya Financial VOYA, +1.31% and Transamerica. More premium hikes, especially to longtime policyholders, are expected.
Universal life was invented in the 1970s and comprised 25% of life insurance policies purchased in the 1980s and 1990s. So the number of people who may eventually be impacted by steep premium hikes could number in the tens of millions.
Read the entire article on MarketWatch.com.