Primerica / outrageous increase in premium to keep the same policy
My husband and I purchased a term policy with Primerica over 20 years ago. At the time, we were told the premium would increase when we reached a certain age. What we weren't told, is that the premium to keep the same coverage we have had would suddenly increase over $1200.00 per year!
So much for the theory of investing the difference!
We are 46 years old, and God willing, plan to live another 40 years. We've paid over $8000.00 to this company, but now we can't afford the quarterly payment, which has increased over $300.00!
Oh, they offered to exchange our policy for their Custom IV 10 Term Insurance, and only increase the quarterly premium by $50.00+. So, what happens when we turn 56 years old? How much does the premium jump then? Or will we even have coverage at all after that?
Just when you get to the point you may need them, they increase the premium so high you can't afford to keep the policy. I'm going to be looking for another company, while I'm still young enough, and healthy enough to find one. We feel as though we were taken advantage of for the last 20 years. They took our money, and are now forcing us to move elsewhere.
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