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Lapsed: The Universal Life Insurance Whistleblower

by Elan Moas

A whistleblower’s case against universal life insurance

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AlbakiReads Editorial

A whistleblower’s case against universal life insurance

Elan Moas draws on research into more than 5,000 MetLife universal life and variable universal life policies to argue that policy design and funding practices can leave coverage vulnerable to lapsing, even when payments have been made. The book broadens that examination to industry-wide concerns, including group policies, sales illustrations for indexed universal life insurance, and the effects of policy lapses on older adults’ cash values. It also recounts Moas’s presentation of findings to Massachusetts officials and the SEC, along with whistleblower complaints submitted in 2023. The book presents a critical perspective on life insurance practices and oversight; its warnings and projections are the author’s claims, not independently verified conclusions.

Good fit for readers who enjoy

  • Universal, indexed universal, or variable universal life policyholders interested in policy lapse risks
  • Investors in the life insurance sector seeking an account of the author’s concerns
  • Readers interested in whistleblowing and scrutiny of insurance-industry practices

Themes

Universal life insurancePolicy lapse riskInsurance sales and funding practicesRegulatory oversightWhistleblowing

Based on publisher information and book metadata.

Book overview

Will your universal life insurance policy LAPSE while you are still alive?

Attention Policyholders: If you own a universal life insurance policy (UL, IUL, VUL) or Group UL/VUL insurance policy from ANY life insurance provider, you must purchase this book to learn why your "permanent" policy could lapse (cease to exist) despite making all your payments.

Attention Investors: If you are an investor (bonds or equities) in the life insurance sector, you must purchase this book to understand the massive risk to which you are exposed.

After researching over 5,000 MetLife individual UL and VUL policies totaling over $1,000,000,000 ($1B) in death benefits, author and financial advisor, Elan Moas exposes how these policies are designed to fail rather than succeed. In Q1 2023, he presented his findings to the state of Massachusetts, the SEC, and submitted two new whistleblower complaints based on his research. His findings show why 90% of these policies will likely lapse before paying a death benefit. The research reveals how:

- Lapsing UL and VUL policies are an entire life insurance industry problem, not just MetLife

- "Target" funding is where advisors and insurers maximize their commission but leave the insured with a policy destined to lapse.

- The May 2023 IUL Actuarial Guideline 49B (AG49B) update means that IUL sales made prior to that date were likely made with wrong investment illustration assumptions. The IUL chapter will leave all IUL policyholders horrified.

- Group UL/VUL policies offered to entire states and Fortune 500 companies are full of fatal structural policy flaws.

- Older adults' cash values are wiped out prior to their policy lapsing. That is elder abuse.

- To request your very own "in-force illustration," which is the future policy projection.

The unfortunate result of decades of life insurance industry greed and regulatory oversight incompetence will lead to the "Subprime Universal Life Insurance Company Crash of 2023." Which company will be the next Lehman Brothers? www.MoasConsulting.com

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