Recently I received notification that monthly premium on my Universal Life Policy (in force since October 17, 1983) was being increased to 58 permonth from 41 per month. If I did not desire to increase the monthly automatic checking account deduction, the balance of the increase would come from the cash value.
My immediate reaction was that Amereican National was trying to cut down on their liabilities by irking long-time policy holders into cashing in their policies. That way, the comany would never have to pay the face amount death benefit, only a paltry cash surrender sum.
I chose the cash surrender.
Now I'm waiting to see if enough people also have been given these bad faith options to make a good class action lawsuit.