Just got back from a conference in California and am catching up on the latest news. Life insurance giant New York Life, AARP’s partner in crime with their term insurance and whole life products, doesn’t seem to be making enough soaking us old folks.
They just announced today that they are raising rates on their no lapse guarantee universal life. This is coming from a company that has always made it’s name synonymous with being above all the fray because they have so much money.
I love the way they work. Actually I don’t care how they work because I’m not one of them, but if I was an agent from NYL and was told that I could only have my quotes illustrated by the home office because they don’t want to release their rate increase, I’d be upset. But again, I’m not one so it doesn’t affect me.
In their memo it states to the agents, “Only illustrations provided by our sales team will have the appropriate pricing incorporated. Applicants will be required to sign an acknowledgment that they are aware of the additional charge.” That’s just weird.
Bottom line. Just like New York Life’s AARP rip off and their overpriced cash cow whole life, it now appears their universal life portfolio is heading for the underground shelter where no one can really tell what they are up to.