Universal life insurance allow buyers to make flexible premium payments to fund policies with a relatively low amount of premiums. This might include plain vanilla ones such as the S&P 500 and the Russell 500 indices. The American Council of Life Insurers (ACLI), which represents 280 companies in the insurance industry, admits that IUL is not for everyone. In one examplecited by Veralytic,a person could pay $367,000 over six years on an IUL policy and get nothing back if the policy is canceled. Award-winning investigative journalist Ed Leefeldts stories have led to changes in credit card practices, voter registration and disability payments to prisoners. Their lawsuit seeks class-action status, a request that must be approved by the court. How To Find The Cheapest Travel Insurance, Tips for Buying Life Insurance for the First Time, What To Expect In Life Insurance Medical Exam, How To Choose A Life Insurance Beneficiary. The plaintiffs say those concerns have been addressed in the new Arizona lawsuit. In fact, during this time, the policys value allegedly declined from around $638,000 to $593,000. What We Do. But this type of insurance offers the flexibility of adjustable life insurance premiums at face value, with an opportunity to increase its cash value without the risk of investing in securities, such as stocks. Something to be aware of Transamerica is that they just settled a class action lawsuit about their "cost of insurance . On its face, it sort of sounds logical. After these representations, Li reportedly opted into a IUL policy through PacLife. But indexed universal life would not be increasing in popularity if millions of long-term planners and families were not finding the cost of owning the product to be a good value, says ACLI spokesperson Jack Dolan. Terms and Conditions. All Rights Reserved. So, its no wonder that IULs are complicated. We look forward to hearing from you all. Lets face itthere are a lot of different programs in the marketplace you can use to illustrate the value of IUL (Indexed Universal Life) insurance. Mix in massively complex products designed to juice illustrations with opaque and unaccountable features and you have the recipe for future financial disaster, said Birnbaum in a July 2020 statement that warned consumers against buying IUL. It was built on faith. Rather than fueling it into a vendetta, I fuel that into protecting consumers, because I believe then and I believe today that these individuals are not acting in the consumers best interest.. Required fields are marked *. Click Accept if you consent. status of any class action settlement claim. So the sales were mainly to older clients and some who used money from IRAs (this alone is a problem since older people should not be buying life insurance as a retirement tool and you should NEVER take money out of an IRA or qualified plan to fund an IUL for tax-free borrowing (its a mathematical loser)). Your email address will not be published. v. Pacific Life Insurance Company, et al.. 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CHICAGO - Class action status has been granted in a lawsuit claiming the City of Chicago illegally issued millions of dollars in unlawful . Transamerica Life Insurance Co. will pay $195 million to settle a class-action lawsuit alleging the company improperly increased the monthly charges on 70,000 universal life insurance policies. On February 25, 2022 Aon detected a year-long data breach. First let me say that a 6th grader doing a few minutes worth of research on the internet should have come to the conclusion that the person behind this structured payment company was someone who you would NOT want to do business with. Opposing attorneys representing the Ciofolettis and Stospal are forum shopping a proposed class action that was rejected by a Minnesota court, Kvesic said. This makes it appear as if the policy will be costless in certain years, or you wont need to pay as much into it as other types of life insurance. This will be posted quickly, exposing the company and letting others see what happened to you! IUL is one of the industry's most popular life insurance products. the Pacific Discovery Xelerator IUL 2, InsuranceNewsNet reported. Please try again later. And a policy started in 2017 2019 somehow underperformed by 2020 (when the lawsuit was filed) Pretty short time frame to say something hasnt worked & need to file suit. settlement administrator or your attorney for any updates regarding IUL have been a strong seller for insurers and agents. that reports on class action lawsuits, class action settlements, The company's new policy on head count, made clear in its first-quarter earnings report, aligns with decisions made by Morgan Stanley and Bank of America. The buyer buys the payments at a discount and then receives them going forward. By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life. 30-2020-01153426-CU-BT-CXC, in the Superior Court of the State of California in and for the County of Orange. In June 2014, a state court judge preliminarily approved a settlement to a class-action lawsuit against Fidelity & Life Guaranty Life Insurance, Co. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. But the policy owner is likely to have torequalify as a borrower every three to five years, during which time the interest rate may go up while the cash value inside the policy could go down. An IUL class action lawsuit investigation is underway to probe into allegations that people who purchased Indexed Universal Life (IUL) insurance policies were misled into expecting unrealistic rates of return that comes after insurance companies presented used fabricated and false illustrations in marketing literature and sales material. I dont know why that was removed from the Amended Complaint. Learn more about the cookies we use. Minnesota Life is too big to bring down over this, but the damages from these lawsuits will be significant if liability is proved. The Class Representatives who suedand all of the Class Members like themare called Plaintiffs. Scammers pushing FIP allegedly used brokers and insurance producers to find investors -- often retired veterans, teachers and firefighters. Wed be happy to help you take a step in the right direction, fight this issue, and better enable you to join in on any potential consumer class action. Terms and Conditions. All Rights Reserved. I was told not to worry about understanding it, and that the illustrations shows that it works. The IUL sales structure I will talk about in this newsletter I saw a few years ago. When a policyholder tries to surrender the policy, the insurer might keep the entire first years premium since it has already paid the commission costs to the agent who sold the policy. Our number one goal was to get as much money as we could back to these policyholders as quickly as possible, Mr. Rosenfield said. Oh, if you want to download for FREEmy Bad Advisors book (I highly recommend it), click on the following link: http://strategicmp.net/bad-advisors-download. The attorneys we work with, however, tipped us off to reports within the industry that suggest some companies may be misleading their customers when putting together their financial return illustrations. Owners of this product must be aware of exactly how it works, because, unlike certain other types of life insurance, IULs have a fluctuating component to them.. Its not good business to take advantage of people who are vulnerable! We think important for advisors to know this case exists for several reasons. This settlement for approximately USD 88 million removes the uncertainty of this ongoing litigation for the company and its customers . Get In Touch! Indexed universal life insurance is in the same class as other permanent life insurance policies, such as whole life insurance. A qualified IUL attorney can determine your eligibility for legal action. A list of open investigations and Well, the agents who got caught up in what appears to be a scam, said no, no, no, no. 1) Educate, mentor, and help advisors give better advice to clients (CALM) By submitting your comment and contact information, you agree to receive marketing emails from Top Class Actions regarding this and/or similar lawsuits or settlements, and/or to be contacted by an attorney or law firm to discuss the details of your potential case at no charge to you if you qualify. However, the plaintiffs argued Transamerica had breached its contract and acted in bad faith by raising charges as a pretext to avoid or offset its obligation to pay the guaranteed monthly interest. The structured payment company that was responsible for investing the money of clients and generating the payment streams needed to fund all the IUL policies is NO LONGER PAYING! It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Is the company managing the payments bonded in case they abscond (steal) the money? Even with these withdrawals, Xu said that the policy would remain in force for the remainder of Lis lifetime. Your email address will not be published. In the case of a sudden or unexpected death, life insurance can help cover debts and provide income for bereaved family members. Many of the policies were sold during a period of high interest rates, which allowed insurers to offer attractive guaranteed minimum interest rates. Beginning in 2019, Shurwest began branding itself as The Quantum Group. It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Insurance sales representatives at Pacific Life Insurance Company (PacLife) may be deceiving consumers by presenting marketing misrepresentations about their Pacific Discovery Xelerator indexed universal life (PDX IUL) policies. The ACLIsDolan saysthe size of the premium depends on the returns on the options in the policy. Consumers should avoid IUL because the insurers and agents who sell the product have no obligation to work in the consumers best interest. Minnesota Life sued Shurwest July 12 in the U.S. District Court for the District of . To read the complaint for the amended class action lawsuit, click here (the class was certified at the end of 2021). If you have purchased an IUL policy, you may be entitled to compensation by joining this Indexed Universal Life Insurance False Marketing lawsuit investigation. The attraction of the product rested on an assumption of perpetual 50% option profits, which the complaint describes as an indefensible assumption that is unsupportable, unsustainable and actuarially unreasonable.. These cases were consolidated and put together in the class action lawsuit. New IUL premiums increased by 29% in the fourth. On, What can be learned from this Class Action Lawsuit. This awful IUL sales story proves my point. Unknown to many investors, the future pension payment terms required them to pay what often equated to an annual interest rate exceeding 100% over a five-year term. Eufy markets and advertises its products along with the promise to keep privacy in your own hands. But Read More, Your personal information may be at risk! Most policies have both an interest floor and an interest cap, meaning that maximum gains are limited even if a stock index performs extremely well. They are led to believe the policy will earn 6% or more each year, and since they can borrow the money to pay the premiums at 3% or less, they think they will make at least 3%, far better than a bank can offerand on borrowed money. Axa Equitable Life Insurance and Lincoln National Corp. are also facing litigation for raising the costs of their universal life policies. Federal requirements are set forth in Rule 23 of the Federal Rules of Civil Procedure. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. How much annuity income can I expect to receive? The product is far riskier than perceived due to the increased leverage. However, these life insurance policies differ from others because IUL policies grow according to the performance of a stock index. Class actions on "vanishing premium" sales practices reaped "huge jury verdicts, multi-million dollar class action settlements and changes that go to the very foundation of the life insurance industry." We're talking literally billions of dollars in aggregate settlements. We'd love to hear from you, please enter your comments. Aegon USA Inc., However, these may be misrepresented or exaggerated by linking returns with the performance of a selected stock index such as that of the S&P 500 or the Dow Jones Industrial Average. The structured settlement company isnt bonded. Its a win-win. working with ClassAction.org are no longer investigating this matter. They apparently dont have the money! document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Top Class Actions is a Proud Member of the American Bar Association, Various Trademarks held by their respective owners. Did you or a family member purchase an Indexed Universal Life Policy (IUL) and are NOT receiving the returns or account value increases that were shown to you in marketing materials or sales illustrations? The The problem is that these projections are not guaranteed, and may not come to fruition. Life insurance companies that sell traditional policies like whole life insurance invest primarily in corporate bonds and government-backed mortgages where the money will be safe and generate a small, but reliable, annual return each year. Other times, the companies link IUL projections to lesser-known indexes that have no historical track record to depict generous future values through back-tested models on hypothetical returns from previous unrepresentative periods. The most damning allegations in the new 2019 lawsuit are the targeting of Asian immigrants, and claim that 95% of sales within Premier Financial Alliance are affiliate purchases. New IUL premiums increased by 29% in the fourth quarter of 2021 alone, according to LIMRA, an industry-funded financial research company. Stocks dip after inflation data, Fed economists' warning, Security Benefit enhances its Foundations Annuity, RetireOne partners with Pension & Wealth Management Advisors to help clients protect retirement income, Texas lawsuit: Lincoln Financial annuity fell far short of illustration promises. Although IUL policies have the potential for high rates of growth, the policies also have the risk of no growth if a stock market index performs fully. Pacific Life Insurance Company describes their PDX policies as able to provide lifelong protection and supplemental retirement income through tax-free loans. v. Pacific Life Insurance Company, et al., Case No. Remember that a life insurance policy may be in effect for 40 years or more and a lot can happen during that time. An indexed life insurance policy is like other life insurance policies in that it will provide a death benefit to a beneficiary in exchange for premiums paid every month. The case has broad implications for the industry and the controversial Actuarial Guideline 49 put forth by the National Association of Insurance Commissioners, said Kevin Kimmerling, senior vice president and assistant general counsel for Global Atlantic Financial Group. According to court documents, Shurwest is proposing to pay claims through an arbitration process using the proceeds from three years of revenue, which it projects at about $6.14 million. According to the IUL class action lawsuit, Li would not have taken out an insurance policy if she knew that Xu used false and misleading illustrations about policy performance to induce her into purchasing the policy. But the monthly policy expenses may have caused losses of several percent in the value of the policyand if it went down too muchthen policyholders got a premium call requiring them to put in more money, says Roth. The information here is for reference only. If a lawsuit can be filed, indexed universal life insurance policyholders may be able to recover compensation for any harm they suffered in buying these policies. Genworth Life and Annuity Company agreed to pay the settlement. The move boosts data processing speed and establishes a modern infrastructure to build out the firm's vision for an all-in-one technology suite. When a life insurance claim goes on for too long, without the family being paid, a lawsuit is the only way to make the life insurance company comply with the law and pay the policy. A class action lawsuit, also known as a class action or representative suit, is a type of lawsuit where one of the parties is a group of people represented collectively by a member or members of that group. The fact patterns are perfect examples of poor market conduct including inflated commissions, aggressive claims such as 'guaranteed performance' because it is a 'whole life' product, as well as reduced performance even under modest changes to the illustrated rate. In addition to Consumer Watchdog, the case was prosecuted by attorneys from two law firms with a history of life insurance litigation: Bonnett Fairbourn Friedman & Balint and Shernoff Bidart Echeverria & Bentley. Decide which cookies you want to allow. We work closely with class action and mass tort attorneys across the country and help with investigations into corporate wrongdoing. Im a policy holder, how to join the lawsuit? To read the Order from the Federal Court certifying the Class Action, click here (its an interesting read). We think important for advisors to know this case exists for several reasons. There were multiple lawsuits filed against the parties in more than one state. And until you dig deep, IUL appears to have it all. Unfortunately, every software program weve seen that compares IUL to mutual funds or to tax-deferred plans like 401(k) plans is either inaccurate or woefully inaccurate. GE Capital Assurance universal life price hikes may be unlawful and excessive, Creditor and debt collector calls class action lawsuit investigation, Essential: Remember your cookie permission setting, Essential: Gather information you input into a contact forms, newsletter and other forms across all pages, Essential: Keep track of what you input in a shopping cart, Essential: Authenticate that you are logged into your user account, Essential: Remember language version you selected, Functionality: Remember social media settings, Functionality: Remember selected region and country, Analytics: Keep track of your visited pages and interaction taken, Analytics: Keep track about your location and region based on your IP number, Analytics: Keep track of the time spent on each page, Analytics: Increase the data quality of the statistics functions, Advertising: Tailor information and advertising to your interests based on e.g. Your financial situation is unique and the products and services we review may not be right for your circumstances. 2023 InvestmentNews LLC. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. 3) I have a software company (OnPointe which had the best investment risk software in the industry (www.onpointeriskanalyzer.com)). The class doesnt exist from our point of view. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. Related: Best Life Insurance Companies of 2023. a similar story found in many other lawsuits, Economy hits millennials ability to build, transfer wealth, A year after crypto's crash, Philly Bitcoin believers hold on to hope, Jorgen Vik: Don't panic over Social Security rumors, reports. You show the client how to take the money that they need to keep safe for their future IUL premiums and show them how to get a 7-10% investment return on it (vs. earning nothing or very little if kept in a savings account). Likewise, Minnesota Life attorneys called the new lawsuit, a frivolous attempt by Plaintiffs (and their counsel) to have a third chance to litigate a failed class claim from the beginning.. IUL policies have come under fire recently for being difficult to understand and unnecessarily complex. View Guidelines. Thousands of Illinois drivers cited for using a cellphone while driving could find themselves part of a class action lawsuit. What part of this structure looks like it is one that will protect our clients investments? The primary issues are as follows: There is no telling that this complaint will be successful, but it may have a dramatic affect (win or lose) on our industry. Thats more than most hedge funds. The insurance industry will be watching closely in the coming months as a class-action lawsuit over an indexed universal life policy plays out in a California courtroom. You might be using an unsupported or outdated browser. If you are considered eligible to be among the class of consumers described in the class action lawsuit investigation, you may eventually be able to participate in receiving any compensation the court may award. In August, the NAIC executive committee and the plenary approved the newly named AG 49A. The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. They are complex products sold with false promises and deceptive marketing, says Birny Birnbaum, executive director of the nonprofit Center for Economic Justice. For information on deleting the cookies, please consult your browsers help function. This meant some consumers entering retirement were forced to choose between losing the policy, which promised monthly interest payments of at least 5.5% annually, or paying the higher premiums, Mr. Rosenfield said. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies risks while overstating their benefits, according to the plaintiff. No. For more than a decade, indexed universal life insurance (IUL) has been one of the life insurance industry's most profitable businesses. Dick Schiethart, senior spokesperson for Transamerica parent Aegon, said the company is satisfied with this settlement because it will make an end to the uncertainty for our customers.. According to the companys announcement, these new policies build on the structure of the first PDX policies with an added Enhanced Performance Factor Rider that allows policyholders more options for their policies. Regulators are not doing anything to stop the unfair practices, he warns. If you make a purchase using I didnt understand that the illustration involved my borrowing from my policy and reinvesting large sums for several more years. If you dont keep paying the higher premiums to keep the policy in-force, you risk losing all previously paid premiums, as well as the death benefit going forward. Kimmerling called it an "interesting" approach, that "in a class action that so much time is spent on what can really only be individualized case.". 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