Variable Appreciable Life Insurance?

Question

In 1986 I got a VAL policy from Pridential. I paid for disability waiver of premium. I got disabled in 2004 and they waived premium. I got a letter stating that i turned 65 and premiums will no loger be waived after age 65. Is this correct? Also they have increased my monthly premium from $60 a month to $243 a month because I turned age 65. Is this allowed? Thank you

Answer 1

Only people who hold a series license may discuss the premium situation.  Since I don't, I will only address the disability portion of your question.  

Almost all disability riders on life insurance policies only waive the premium until the person turns 65.  That is because when you turn 65 you have Social Security as a source of income.  Therefore, you are no longer considered totally disabled from an insurance point of view.

Answer 2

All of the policies I sold would pay in case of disability as long as you were disabled before age 65. If your disability continued past age 65 the premiums would still be waived. I don't know about your policy but look at the wording of the disability clause. If your policy drops the disability coverage at age 65, then yes, it is possible for a variable policy to go up that much.

Answer 3

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