LIFE INSURANCE MIS - INFORMATION
I Have been paying on my insurance acquired through AARP for the last 14 years. Handled ultimately by N.Y. Life. I retired July 2021 and in July 2022 I was notified that my rate would increase by $41.00 per month for the next 5 years. It would increase again in another 5 years. Let's remember that retired means fixed income. The notification letter states that you can change to a permanent plan which will prevent further rate increases. I expected that to mean my rate would be the same. Nope. I called NY Life and was hit with the bait and switch information. In order to have a fixed rate I would have to pay over $300 / month! That would be a 300% increase in monthly payments! Being irate and appalled I requested to cash the policy out and go somewhere else. Low and behold the policy I have been paying into, recommended by AARP, is one that does not gain portfolio value. Read: NO CASH OUT VALUE! In order to benefit from this insurance I have to die and in the mean time keep paying higher rates every 5 yrs while on a fixed income. I am angry beyond belief that a group, whose sole function is to protect seniors, would perpetrate this falsehood for NY Life's growth. Thanks for nothing AARP!