I have a variable life insurance. I took out a loan of $6,700.00 on 04-27-09. I received a...
notice in the mail that there was a loan of $224.91 made to pay the interest on the loan. I did not authorize this. It also appears that my premium is going up from $114.04 per month to $1,368.48 per month. I do not understand, please advise. I cannot afford $1,368.48 per month.
You can compare the prices of all the insurance policies by running an extensive search, but make sure you also observe the genuineness of the insurance company and its year of establishment or have a look at the quotes on http://www.gninsurance.com/
Call your agent and set an appointment to review your insurance. Something isn't right in the scenario you provided. The premium increase may include repayment of the loan.
Note: If the cash value in variable life insurance is exhausted and premiums are not paid, the policy collapses, triggering a tax event. A very nasty tax event in some cases. Call that agent pronto.
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