Insurers are raising costs of ‘universal life’ coverage sold years ago, as they confront low interest rates
By LESLIE SCISM
Major insurers are breaking a long-standing industry taboo of raising rates on lifeinsurance policies they sold to consumers years ago, in the latest fallout from a prolonged stretch of low interest rates.
In recent months, several insurers have notified tens of thousands of people who own a type of coverage known as “universal life” that they are exercising little-used contractual rights to raise costs.
Read Full Article Here: Surprise: Your Life Insurance Rates are Going Up