Sorry for not getting to your question sooner. I've been swamped! But I have written about this situation several times in recent columns. Here is a link to a column on this life insurance issue posted in September.You likely purchased universal life insurance, with premiums "illustrated" to stay low because investment earnings were illustrated to generate gains that would pay the premiums. That didn't happen. So now you are faced in your senior years with rising premiums to keep the policies "in force."First, ask yourself whether you still NEED the life insurance. If your mortgage is paid off, and if your children are wll off, you might not need all this death benefit. Remember, insurance is designed to protect the living, not the dead!Here's how to get an unbiased estimate of how much you will have to pay in the future to keep these policies going:
At EvaluateLifeInsurance.org, the Consumer Federation of America and Dr. James Hunt, insurance ombudsman, will provide personalized evaluation and advice for a fee of $125 for the first policy, and $85 for each additional policy. They also compare existing policies with policies being considered as a replacement.
Arthur J. Gallagher, one of the largest insurance brokerage firms in the world, routinely does this analysis for corporate customers and wealthy individuals. They offer a free policy analysis service at https://gbslife.wixsite.com/gbs-life-insurance. AJG represents almost all major insurers, so are not conflicted in their advice.