I was also sold my whole life policy with a guarantee 10 pay. I was not a happy camper when my bill for 7K showed up on the 11th year. Turns out my whole life policy is to be paid till the age of 99. When I was sold the policy I saved the document the agent/thief had given me to prove I was only to pay for 10 years. I entered into a class action and in the end the Judge awarded me 31K because I had the proof. Seems this was a standard practice and that's why there were so many class actions.
I still hold this policy as the dividends pay a large portion of the 7K a year premium. But the Mass Mutual is still getting the 7K a year one way or the other. I've had this policy for 23 years now and since I'll be 62 next year I may cash it in to add to income. The cash value is 169K and goes up about 6 or 7K a year at this point.
When I spoke with Mass Mutual after the settlement I told them I wanted to speak directly with them and not have to go through an agent. They reassigned my policy to another agent and he called me promptly to help/rip me off. He said I was right about the 10 year payout and then promptly tried to talk me into selling the policy and buy an Annuity. Perfect!
I still hold this policy as the dividends pay a large portion of the 7K a year premium. But the Mass Mutual is still getting the 7K a year one way or the other. I've had this policy for 23 years now and since I'll be 62 next year I may cash it in to add to income. The cash value is 169K and goes up about 6 or 7K a year at this point.
When I spoke with Mass Mutual after the settlement I told them I wanted to speak directly with them and not have to go through an agent. They reassigned my policy to another agent and he called me promptly to help/rip me off. He said I was right about the 10 year payout and then promptly tried to talk me into selling the policy and buy an Annuity. Perfect!