The economic crisis has forced Americans to make decisions they never expected to make. In an effort to keep up with his rising mortgage payments, one reader told the Huffington Post that he surrendered his life insurance policy, allowing him to cash in on a fraction of its worth. Not only can he barely make payments anymore, but the security net for his family has disappeared.
New York Life, this reader's insurance company, mentioned that processing his cancellation would normally take 3-5 days, not the 20 business days that he ended up waiting. His story suggests that insurance cancellations might be widespread. We have contacted New York Life and other insurance companies, but none of them have provided statistics on how many people have recently surrendered their claims.
To further illuminate the extent this crisis, we are asking you to tell us your story. Have you turned in your life insurance, or other vital insurance contracts, to pay the bills? Or do you work for a company that carries life insurance products?
Email us at email@example.com and tell us your story.
When did you cancel your insurance plan? Who was the plan with? How much money has it saved you? Was your insurance company compliant or difficult to deal with? Was your mortgage bill the motivating factor for canceling your insurance?
If you work at a life insurance company, let us know: Has your company released reports of its lapse rates? Is it reporting these rates accurately? Has your company seen a spike in lapse and surrender rates since the economic crisis?
We will pick the most enlightening stories and publish them on The Huffington Post. Please specify in your email if you would like to remain anonymous.
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