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Originally Posted by FredJacobs
My insurance agent told me that once you hit 80 (age not speed) expect your insurance to increase annually. Evidently, you become more of a risk and the insurance company would prefer that you surrender your license.
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Naturally, after the milked them for 60 plus years. Prudential life in late 80s or early 90s realized they was going to have pay out big bucks with whole life policies rhey wrote. So they devised schemes to offer cash paid out which decreased or eliminated whole life payout. It worked when you flash some cash working class can;t resist it.
They had government law suit against them, but they still came out ahead IMO. Insurance is about reducing financial liability while milking there customers. Once you reach thrust hold your liability IMO. They raise rate so high you go somewhere else. Then process starts all over.