Variable Life Insurance Variable life insurance is unique for many reasons. It can have fluctuating value, a fluctuating death benefit, a flexible premium, multiple fees embedded in the policy, it’s a security, and because the cash value can fluctuate in both upward or downward directions one day the cash value may be below the lapse-trigger […]
Lapsed Life Insurance Policy Pays $850,000 Claim After Our Audit
This client was the beneficiary of a variable universal life insurance policy. After seven years in good standing the policy lapsed just months before the insured died. The insurer contended that because the policy surrender charge was more than the surrender value, they were correct to have lapsed the policy. Like many people, the beneficiary […]