Here is a recent article in the Wall Street Journal that discusses the increasing costs of Universal Life Insurance: Stung by ‘Universal Life’ This is one of the myriad of issues that can affect people in their estate planning. This is why it is essential that you review your estate plan with your attorney at least every five years (at a minimum).
This is also one of the problems with the commission-based financial services industry. Real people rely on the “advise” of salespeople who are more focused on getting paid the next commission rather than actually providing necessary and useful information. This is especially sad when it affect older people.
This is yet another reason that it is crucial for all of the advisors to work together (and for clients to insist on this). This keeps the various advisors honest.