connecticut general life insurance cigna
Increased insurance premiums for life insurance.?
Can my company to increase insurance premiums (from $ 175.29 to $ 331.86 a quarter per quarter), when ever you want? "I have had my life insurance for myself ($ 70,000) and my husband ($ 50,000) after leaving my job 15 years ago. Connecticut General (CIGNA Group) recently increased premiums to the specified amount and said if we did not like that we could cancel. I've paid so much money Such policies and do not want to cancel now. There is no cash value in any of them. We are in our fifties and is preparing to retire and can not pay premiums this high. What can we do, if anything? Any light you can shed on this matter is greatly appreciated. Thanking you in advance for your time and assistance.
It appears that you have is term insurance, which is very cheap, while young, but as they grow, it becomes more expensive. If you just spent age qualification support (ie, both turned 50), then you would see an increase that reflects the high rates of mortality as they age. Term insurance can be in a 1, 5, 10 15 or 20 in the year. Should read the policy to see what type you have.
