Is it time to sell your life insurance policy?

The annual costs of many “universal life” policies have skyrocketed in recent years.  While this isn’t real “news” – after all, financial advisers have been warning about this for years,  it is a real problem for retirees. Universal life insurance policies are a combination investment vehicle and insurance policy.  Many people bought universal life polices based on “illustrations” that indicated there would be enough profit on the money invested to cover the cost of rising premiums as the insureds aged. Unfortunately, that hasn’t been the case.  Many seniors now cannot afford to pay the ever-increasing premiums. Could it be time to sell your policy?