New York
SOME consumers who bought universal life insurance policies decades ago are now facing premium increases in the double-digit percentages to maintain the policies. The policyholders have limited options, since finding affordable replacement policies would probably be difficult now that they are much older.
The increases are drawing the attention of consumer advocates, who are urging state insurance commissioners to verify that the increases are justified. And some policyholders are taking the matter to court.
Lawyers with Consumer Watchdog, an advocacy group based in California, and firms specialising in insurance litigation filed suit in February on behalf of policyholders against Transamerica...
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