At age 83, person was convinced to purchase a Custom Universal Life Guarantee policy for $200,000. Premiums Very Very Very high, health needs have changed drastically in 5 years. Now age 87.
Needs 24 hour care and wants to convert this policy. Can anyone help including legal advice?
This policy was unsuitable, unacceptable and I believe they took advantage of an 83 year old trying to help her church
I am surprised this kind of policy was offered. The premiums go up as you age. At 83 her premiums must have been extremely high. We had a similar policy on my husband but cashed it in when the kids were grown. The premiums would have been extremely high by the time my husband retired. Husband had rolled over a college policy. It bought 60k coverage. It would have paid our Mortgage and gave me some money to help me get back on my feet. They are not good policies when the economy is not good and interest rates go down.