My father in law has been paying for his whole life insurance for over 20 years. They have been paying 1200 for the premium every year. They have paid 1080 in the beginning of the year and should owe 120.00 for the last quarter. They received a letter that they will have to pay 781.00 and if not than the policy will be terminated. What does this mean. Is it ok for the insurance company to say that? I thought whole life insurance premium does not go up. They have borrowed money from the cash valued but paid it back. So I don’t understand why. What should I do or take action? Please help me.
Can A Whole Life Insurance Policy Premium Be Increased By The Insurer?
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63333 POINTSview profilePeggy MaceMost of the U.S.Could it be possible that they did not pay back interest on the money they borrowed? That might be why that amount is owed. You can get an explanation for the premium by calling the life insurance company that your father-in-law's policy is with. They are usually very helpful about explaining things like that. Or it could be that a mistake was made and then you can report it.Answered on October 23, 2013flag this answer
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