My husband and I have filed a complaint with the California Insurance Commissioner's office today, October 19, 2018. The brief overview of the case is as follows:
We purchased a universal life policy from Midwestern United Life Insurance Company in 1988 with a death benefit of $25,000. The policy is now with Voya Insurance. We have paid the $230 annual premiums every year for 31 years with the last payment being made in February 2018. We received a notice early this month that if we did not pay an additional $211.01 that the policy would lapse in 10 days. I called them and they indicated that we really owed them $489 and that the annual premiums would increase from $230 per year to over $1750 per year, which is over a 664% increase starting in February 2019. In their analysis, they indicate that this estimated increase may be conservative. More likely, the premiums will increase more than those stated.
These guys advertise themselves as the most "ethical company in America." If that is true, we are all in trouble.
Bottom Line: No, I would not recommend this to a friend
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