Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

We need advice on universal life insurance policy. New

We need advice on...

We need advice on universal life insurance policy.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

New Jersey

Lawyer's Assistant: What steps have you taken so far?

In September of 2013, I purchased Universal Life Term Insurance for $400K from an insurance agent representing Met Life at age 69, just before my 70th birthday. I took the medical exam and passed. I have had Diabetes type 2 for 14 years. The contract was made and agreed to by both parties. The contract stated that the payment for the initial year would be $1299. For years 2 to age 96 the monthly payment would be $794 Payments were automatically deducted from our checking account from Sept. 2013 to the present. In September 2017 Met Life turned over our insurance to Brighthouse. Brighthouse sent a letter to us that we owed $40K because the premiums were not high enough. .

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes, I hit the return too soon.

Show More
Show Less
Ask Your Own Legal Question
Answered in 24 minutes by:
12/22/2017
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 11,239
Experience: Licensed to practice before state and federal court
Verified

Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. What specific questions did you have? I have an idea about your situation, but I don’t want to make any assumptions.

Ask Your Own Legal Question
Customer reply replied 4 months ago
No to call, Please use email or online chat
Thank you
Hi what specific questions did you have today?
Ask Your Own Legal Question
Customer reply replied 4 months ago
After receiving the letter from Brighthouse. We contacted our agent and he contacted Brighthouse. Basically, we want to know if we both agreed to the original contract, can they change it now? Is there grounds for their reasoning: "When this policy was originally set up, the renewal premium was entered incorrectly. This caused the system to change the premium on both the Admin system and Midas account to the lower amount of $793.69 beginning with the 2nd year of the policy." Based on this reply can company make a mistake and 4 years later claim more money?
Thanks for your patience. So, if they failed to properly enter the information and they agreed to accept those payments, in the absence of fraud on your part or in the absence of you reasonably knowing they made a mistake, they're not entitled to the additional money and.cannot cancel the contract
Ask Your Own Legal Question
If they take more money or if they cancel your policy, you can sue for breach of contract and fraud. What other questions did you have for me today?
Ask Your Own Legal Question
Customer reply replied 4 months ago
On Dec. 19, Brighthouse sent a response to our agent: "Due to the decrease in premium, the policy is deficient $33, 304.22 as per originally illustrated. This amount is not necessary to be paid to keep the policy active. The amount necessary to keep the policy active until the next cost of insurance (1/4/18) is $1,360.00. The cost of insurance at this time $1266.00 monthly with the guarantee. The client would need to send in $1,626.00 prior to 1/4/18. The client received annual statements which stated how much was being drafted and how long the policy would sty active based on what was being paiid into the policy. The client also received notification that his premium was reduced in year two. I have attached both letters to you." How do we react to do? Next step?
is the 1626 higher than what you were paying before?
Ask Your Own Legal Question
Customer reply replied 4 months ago
For the initial year we paid $1299 per contract. The second year (2014) to present we have paid $794
I see. So I would respond that unless they can provide legal authority that you are responsible for the mistake of the other party, you won't be paying the additional amount that is supposedly past due and any negative action will result in a Breach of contract. Moreover, you should explain that they didn't provide this crucial information until after the fact. Also, you should explain that your state attorney general looks down upon this behavior from insurance companies.
Ask Your Own Legal Question
What other questions do you have?
Ask Your Own Legal Question
Customer reply replied 4 months ago
If Met Life was taking premiums for 4 years and everything was fine, why is that Brighthouse, but not Met Life, found an error? If we knew this, we may have reconsidered signing the originally contract..
Thank you so much for your help. We will be in touch during the next week. Happy Holidays.
Customer reply replied 4 months ago
What premium should we pay them so our policy remains active?
I would pay the premium you'd always been paying. Not the increased amount. So the 794. Also you're welcome! If you don't mind, would you be ok providing me a five star rating today?
Ask Your Own Legal Question
Customer reply replied 4 months ago
a pleasure 5 STARS
Thanks so much!!
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 11,239
Experience: Licensed to practice before state and federal court
Verified
Legal Eagle and 87 other Legal Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Legal Eagle Your Own Question
Legal Eagle
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 11,239
11,239 Satisfied Customers
Experience: Licensed to practice before state and federal court

Legal Eagle is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
What the the rules of life insurance when the beneficiary is
What the the rules of life insurance when the beneficiary is deceased in the case of a policy owner who is deceased but never changed the beneficiary for the policy … read more
Lori
Lori
Juris Doctor
1,311 satisfied customers
Can a person keep their life Insurance policy if the are on
Can a person keep their life Insurance policy if the are on medicare ? … read more
KLAW
KLAW
Juris Doctorate
2,101 satisfied customers
In the case where a life insurance policy was changed,
In the case where a life insurance policy was changed, suppose ably ,by a terminally ill and almost completely unresponsive individual, one week before their deaf but not received by the employer of t… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
My sister took out a life insurance policy without my
My sister took out a life insurance policy without my knowledge and when the accident I had on my motorcycle was not fatal, she cancelled her policy to get her money back. Recently I spoke with her hu… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,727 satisfied customers
I intend to file a breach of contract case for about
I intend to file a breach of contract case for about $580,000. My company i a FL LLC, the defendants are 1) a DE corp, 2) a Belize company and 3) a Brazilian national. I have an agreement that sets ve… read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
I have a life insurance policy that the company refuses to
I have a life insurance policy that the company refuses to pay. The problem is with coding by the doctor. … read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,727 satisfied customers
I am the beneficiary of a life insurance payout and the
i am the beneficiary of a life insurance payout and the company is contesting the claim The policy was inforce for 4 years. I live in Florida and the insurance company is new york life. They falgged m… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
37,034 satisfied customers
In contract law, the first party breaching a contract cannot
In contract law, the first party breaching a contract cannot hold the other party to enforcement of the terms of the contract, as the contract was broken by the first party. … read more
Legal Eagle
Legal Eagle
Lawyer
11,239 satisfied customers
I got life insurance on my father, while he was a permanent
Hello: I got life insurance on my father, while he was a permanent resident of the US. Later on he moved back to Europe, his green card expired and he lost his immigration status. Will this change aff… read more
LegalGems
LegalGems
Juris Doctorate
11,899 satisfied customers
Both my wife & I have life insurance policies with Penn
Both my wife & I have life insurance policies with Penn Mutual Life Insurance Co. My wife barrowed from her policy and now they don't apply the loan payments to the loan but put them to they policy. W… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,727 satisfied customers
I got a $50,000 life insurance policy in 1991, which was a
I got a $50,000 life insurance policy in 1991, which was a transfer from a previous holder, and now, after paying in $36,000, and at age 87, the insurance company has now raised my quarterly premiums … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
I have a question about a will and a life insurance policy.
I have a question about a will and a life insurance policy … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I recently applied for 2 life insurance policies. As a
Hello. I recently applied for 2 life insurance policies. As a result of that application I found out that one of my blood tests came back with abnormal readings. The agent said I would still be covere… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,837 satisfied customers
My mother took out a life insurance policy on me when I was
Hi, my mother took out a life insurance policy on me when I was a minor. I'm 27 now, and found out she's refusing to sign the policy over to me despite the fact I'm an adult and her agreeing to over a… read more
LegalGems
LegalGems
Juris Doctorate
11,899 satisfied customers
A life insurance policy which was cancelled in October,
a life insurance policy which was cancelled in October, November, and December, and on auto-pay has still not ceased. what to do? … read more
Legal Eagle
Legal Eagle
Lawyer
11,239 satisfied customers
I want to have a life insurance policy and add my fiancée as
I want to have a life insurance policy and add my fiancée as one of the beneficiaries. The Insurance company is asking me: "insurable interest exists/what financial loss will be incurred by the person… read more
Legal Eagle
Legal Eagle
Lawyer
11,239 satisfied customers
I am a grandfather who took out a life insurance policy for
I am a grandfather who took out a life insurance policy for my 19 year old … read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,727 satisfied customers
I am the beneficiary of a life insurance policy and the
I am the beneficiary of a life insurance policy and the insurance company won't make the check out to me.they keep sending it to the estate of Don Sergott so the bank won't cash it. I called them and … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x