New York Life major ripoff: Variable Universal Life San Antonio Texas

I am sincerely sorry that this happened to you. That it did is almost a surety. Whether or not there was intentional fraud is unlikely - but I wasnt there so I will defer to your statement that it was.

That said, VUL is only for those people who will immediately OVERPAY the premium you are charged. Most people use VUL becuase it is a form of Permanent insurance but it is much cheaper (if the client chooses) than tradional permanent products (like Whole Life).

I would hope that you have contacted the San Antonio Office for NY Life and spoken to a manager at the firm. I know for a certifiable fact that NY Life has routinely done things for their clients that they were not required to do - like pay benefits on lapsed policies, they paid life benefits to survivors of those who perished at the Trade Center immediately even when there was NO PROOF of death.

Give em a call, you might be surprised.

I work for New York Life. It wasn't very long after I began working for them (maybe a week) I learned the difference between products - including variable universal life.

I can't say whether or not the agent was actually deceptive. I take this individual at his word that he was.

However, the problem this individual encountered is somewhat common. When you buy a VUL policy, you can choose how much premium you want to pay each month. The minimum amount you must pay increases each year you own the policy. If all you ever pay is the minimum you will not build enough cash value in the policy to offset the rising cost of the minimum payments. The result? Your policy will collapse.