Voya Faces Suit Over Universal Life Policy Premium Hike
March 25, 2024 by Allison Bell
A 94-year-old Florida woman says financial advisors misrepresented how a universal life insurance policy would perform.
The woman, Carolyn Hawkins, believed the universal life policy would have stable premiums, but, instead, the premiums increased to $90,000 in 2022, from $25,000 in 2011, and Hawkins had no choice but to let the policy lapse, according to a complaint that Hawkins and her trust filed earlier this month in a state court in Escambia County, Florida.
Click HERE to read the full story via Think Advisor.
Wink’s Moore on the Market: So of course an unscheduled face amount and premium change are going to change the outcomes on a universal life policy.
Yet, over the years, her agents advised her that “all is well?” Would the policy have been underfunded back in 2011? Hard to say.
“Projections are frequently far too rosy and difficult for the consumers to understand.”
Indeed. -sjm
