As a guest lecturer for “Ethics & Fraud” class at Penn State University, I discussed the problems being ignored by regulators as it relates to the universal life insurance industry and how their corporate/financial advisor greed and their quest for higher profits have victimized their policyholders for the past thirty years.
We reviewed the basic life insurance policy types and why these “permanent” universal life policies “lapse” or cease to exist while the insured is still alive and how that devastates a senior citizen reliant on that cash-value and death benefit.
I explained my whistleblower story and decade-long research, earning an honest vs dishonest living, how this trillion-dollar problem dwarfs the Madoff-Ponzi, and how Wall Street is content with the status quo of universal life policyholders getting financially decimated, so long as it doesn’t interfere with positive corporate earnings (and Wall Street’s bonuses).
What a wonderful experience. Thank you, PSU!