Draining Away!

Nov. 16, 2012 5:20 p.m. ET

In the next few years, millions of savers are in for a surprise that could cost them tens of thousands of dollars now—or hundreds of thousands later.

The reason: Universal-life insurance policies bought years ago when interest rates were high will face cancellation if policyholders don't pay more.

If interest rates stay low, many...

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