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We need advice on universal life insurance policy. New

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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.

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Answered in 24 minutes by:
12/22/2017
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,105
Experience: Licensed to practice before state and federal court
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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.

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Customer reply replied 7 months ago
No to call, Please use email or online chat
Thank you
Hi what specific questions did you have today?
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Customer reply replied 7 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
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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?
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Customer reply replied 7 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?
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Customer reply replied 7 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.
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What other questions do you have?
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Customer reply replied 7 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 7 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?
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Customer reply replied 7 months ago
a pleasure 5 STARS
Thanks so much!!
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