Posted by Consumers are buying a piece to providelongWhen it comes to services or goods, it is a headache if the prices of services and goods are announced halfway through.As a simple example, if you join a fitness club, the fixed deduction for one month of credit card is $29.A year later, the fitness club unilaterally announced an increase in the price of its services-starting from this month, the price has risen to $49 per month. Consumers are facing a dilemma, and even feel they have encountered "trap. "
OnWhole life insuranceIn the field, some policyholders may face such problems.When such problems occur, policyholders often feel that they have fallen into the "trap"in.
This one"The Pitfalls of American Life Insurance"Black pot, different people have different subjective feelings.
Today we will talk specifically about "The Pitfalls of American Life Insurance"This question, it isWhat do you mean, Why did it produce "trap"The subjective feelings, and,WhichAmerican Insurance CompanyDid something like this.
Finally, at the end of the article, we listed a list of U.S. insurance companies that recently announced an increase in Cost of Insurance.
The trap of American life insurance?Or is it the impact caused by some insurance companies?
Any service or commodity has a cost, and life insurance is no exception.The cost of a life insurance policy is calledCost of Insurance, Abbreviated asCOI.
At the beginning of the insurance, COI (Insurance cost) Is an initial cost under the current situation, but the insurance company has the right to change the COI (Insurance cost) Price increase, but will not exceed the maximum value listed in the policy contract (usually displayed before the insurancePolicy design planin).
COI (Insurance costThe increase in) usually consumes the cash value accumulated in the policy more quickly.Therefore, without increasing the premium, the effective duration of the policy will be shortened.
If the cash value drops to 0 at this time, the policyholder will be forced toAdditional premiumOrWaive policyChoose between.
In this case, some elderly people with large death benefit insurance policies are prone to getting into trouble due to the increase in premiums and poor physical health, resulting in the inability to keep or replace the insurance policies.
Figure: The annual COI (cost of insurance) of policyholders will increase with age
currentUniversal Life Insurance(UL / CAUL) insurance policy, orIndex Universal Life Insurance(IUL) policy, may be subject to COI (Insurance cost) Increased impact.Consumers can compareUnder guarantee和Expected reference non-guaranteed circumstancesThe gap between the cash value of the policy and the expected expiry year of the policy can be understood by the chart.This chart before the insurancePolicy design planThere is a show.
A batch of "universal life insurance" (UL) policies that were insured in the 1980s and 1990s usually had "deficiencies" in their hypothetical plans for the future.
After more than 20 years of insured ownership, by 2015 or so, holders of these universal insurance (UL) policy products faced the situation that life insurance cost prices were notified to increase, consumers were unacceptable and might think it was "Pitfalls of life insurance"This is also in the past few years, policyholders and some American insurance companiesLegal proceedingsReasons for frequent news.
In addition to these reasons, policyholders are also prone to fall into the trap of being misled sales when faced with various sales techniques.Column ArticleIn, a detailed introduction was given.
(>>>Recommended reading:Common sales pitfalls and misunderstandings of American IUL insurance, and how can we avoid them?）
Which U.S. insurance companies have raised prices?
The following is compiled by the American Life Insurance Guide website, which has risen over COI (Insurance cost) The price of the US insurance company, or the list of specific policy products, consumers can choose to unlock the full text of the list and check it by themselves.
*Disclaimer: The insurance company that adjusted the COI above, the specific date of adjustment, and the specific product name of the policy are for reference only by the insured.Please contact your agent or insurance company to inquire and obtain the latest policy plan.
(Special thanks: thanksHeather xiongProvide industry information, as well as enthusiastic readers who provide specific policy documents, American Life Insurance Guide ©️ All rights reserved)
