By Paul Morrone, CFP ®, CPA, MSA
Our era of historically low interest rates has wreaked havoc on the life insurance plans of many Americans. Back in the 80’s, purchasing a universal life policy was a social norm. Astronomically high interest rates created illustrations that yielded big death benefits and low premiums that made it look almost too good to pass up. As part of the steady decline in rates since the early 80’s, many people continue to dutifully pay their premiums on time only to receive a notice that their policy is in jeopardy of lapsing. Now they find themselves either without coverage or having to pay much more than planned into the policy simply to keep it in force.