How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Alex J. Esq. Your Own Question
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16721
Experience:  Experienced Licensed Attorney
26296561
Type Your Legal Question Here...
Alex J. Esq. is online now
A new question is answered every 9 seconds

I took out a $150,000 life insurance policy with Conseco

Customer Question

My name is***** took out a $150,000 life insurance policy with Conseco Life Insurance Company on 09/28/2002. My premiums were $149.75 a month, which I have been paying for the pass 14 years ($26,471.81). I was told that premiums increased yearly and I need to make a minimum payment of $1,118.65 by 10/29/2016 or the policy will terminate. I paid the minimum payment and requested three quotes of $125,000, $100,000, and $75,000 to date I have not received any response from Conseco. My question is do I have any options? Thank you for your help.
JA: What state are you in? It matters because laws vary by location. Has anything been filed or reported?
Customer: I live in Georgia, I have not filed or reported anything.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I also made a payment of $1,122.47 on 08/01/2016. I don't want this policy to terminate but I can't afford monthly premiums of $500.00 plus per month. I am 77 years old and have been retired for twenty years. It appears to me that Conseco is not willing to offer any help in reducing the premium. And they continue to deduct $149.75 from my account monthly.
Submitted: 11 months ago.
Category: Legal
Expert:  Alex J. Esq. replied 11 months ago.

Hello. My name is Alex.
Thank you for your question.
I will be happy to provide you with information you are seeking for educational purposes only.

Unfortunately, the life insurance premiums do increase as the person gets older and unfortunately, most insurance companies would not offer a new insurance policy to a person who is over 75 years old.

Is this a term life insurance policy and did the company guarantee the premium for any amount of years?

Customer: replied 11 months ago.
Alex I will have to review the policy again before I can answer your last question. If possible maybe I can continue this conversation tomorrow , thanks for your help.
Expert:  Alex J. Esq. replied 11 months ago.

Thank you for your follow up.

Yes. Please review the police and let me know if it is term life insurance for certain amount of years.

Have a great night.