Im a business owner from San Antonio, Texas. I bought a Variable Universal Life policy from a New York Life agent 13 years ago. The agent told me it was a retirement plan and it would be a good investment for my retirement.
I was paying approximately 500 per month for a 1 million dollar plan. I found out later the guy sells me and my whole family individual polices to earn higher commissions, instead of writing them up on one policy which I wanted in the first place. Long story short, I had a heart attack approximately 1 year ago and i was grateful to have the coverage when I needed it most! Boy was i wrong... I get a letter from New York Life stating I need to send in $10,000 to keep my policy from collapsing. I was very upset as this news compounded my frustration of having to eventually close my business since I couldnt run it anymore.
I didnt have the funds to continue the plan so I had to let it go. I consulted an attorney which was informed by New York Life that there was fine small print in the policy that stated that they required much more premium (which the agent never explained to me) in order for the policy to perform.
For all that money I put in I have zero cash value and have a policy that is lapsed. Where was the company when I needed them? I feel betrayed and saddened. Be smart people and stay away from VUL polices.
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