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actually have to pay. And what you must pay could dramatically increase over time. How could this happen? Because life insurance quotes for cash value policies can be based on not only guaranteed projections in policy illustrations but also very optimistic non-guaranteed projections. As it turns out, many quotes for all forms of universal life and whole life insurance are based on the non-guaranteed portions of policy illustrations, says Barry Flagg, founder of independent life insurance research company Veralytic. (This does not apply to term life insurance, which has no cash value.) Essentially, it’s a bait and switch: You think your life insurance quotes reflect what you’ll pay as long as you own the policy, but years later you could be hit with a need for unexpected, extra premiums. ....
WKBT January 12, 2021 8:51 AM Ed Leefeldt - Forbes Advisor Posted: Updated: January 14, 2021 8:06 AM World War II veteran Dr. Walter Scott, who risked his life landing on Omaha Beach in 1944, could have another major battle to fight, or at least his heirs will. As Scott nears the 100-year age mark, he wants to know whether the $1 million in life insurance he purchased from German insurance giant Allianz is still intact and has value. It’s a problem that could affect many older life insurance policyholders. “Many forms of permanent life insurance issued prior to 2004 have maturing dates of 100,” explains Michael Lovendusky, a general counsel at the American Council of Life Insurers (ACLI), which represents the industry. “That’s because few people reached 100 when the policies were issued.” ....