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‘Universal Life Insurance, a 1980s Sensation, Has Backfired’

“A long decline in interest rates caused premiums to soar when they were supposed to stay level.” – Wall Street Journal

As soon as I read this headline in the Wall Street Journal I was surprised by how misleading it was, and decided to write a response.  A little bit about me, I started my career in financial services with MetLife in 2004 at the age of 24.  I spent 13 years with them until they sold their whole financial division in July of 2017.  MetLife was a giant in the life insurance industry and a main player in providing the Universal life insurance product, specifically the type mentioned in the attached article.  Many evenings I would make phone calls, receive calls from policy holders, or meet with policy owners to give them the bad news:  Your policy is “blowing up”. This was a term we used when someone had a policy where there was no more cash and the premium was skyrocketing.  Many, as you can imagine, were not thrilled to see or hear from me in this instance.    We will discuss later how I was able to help most people continue their coverage, but first I’d like to discuss some basics of the policy itself.

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