Life Insurance Can Get Complicated For Seniors

The premiums on Sears retiree Cecil Bowles' $92,000 group universal life-insurance policy jumped 157 percent in July from $197 per quarter to $507 a quarter.

Bowles, who lives in the Montpelier area of Hanover County, is miffed because MetLife, the big New York insurance carrier, pocketed his premiums for 43 years and now it is raising rates so high he can no longer afford the policy.

If he drops it, his wife won't get the money he wanted her to have if he precedes her in death.

"I'm 74," he said. "I'm retired and I didn't plan for this."

Life Insurance Can Get Complicated For Seniors
Source: Insurance News Net