current list of Class Actions and Class Action Investigations, here. We'd love to hear from you, please enter your comments. I didnt understand that the illustration involved my borrowing from my policy and reinvesting large sums for several more years. 1) Educate, mentor, and help advisors give better advice to clients (CALM) In a class action lawsuit, one or more persons, called Class Representatives (in this case Joyce Walker, Kim Bruce Howlett, Muriel Spooner, Taline Bedelian, and Oscar Guevara), sue on behalf of people (called "Class Members") who have similar claims. . This article literally said NOTHING. Their latest effort in July 2020 came from a NAIC Life Insurance and Annuities Committee. The cash value within an IUL policy is tied to an index. All Rights Reserved. The On page 12 paragraph 60 it states that the Living Life IUL offered by LSW is far more expensive then other LSW IUL products. 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. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. Portfolio Analyzing for Non-Licensed Advisors. Can You File an IUL Lawsuit for False Marketing? 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. your claim status, claim form or questions about when payments are But money could be going into more esoteric ones like the Hang Seng, Gold and Emerging Markets. Minnesota Life is too big to bring down over this, but the damages from these lawsuits will be significant if liability is proved. The answer to all of these very simple questions was NO! PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies risks while overstating their benefits, according to the plaintiff. The list is updated frequently, so check . 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 Forbes Advisor editorial team is independent and objective. In the IUL sales structure Im covering in this newsletter, the payment streams were coming from Federal employees (from their pension payments). Pacific Life Insurance Company describes their PDX policies as able to provide lifelong protection and supplemental retirement income through tax-free loans. All Rights Reserved. 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.. This practice deceives and misleads consumers as they are pulled in by the allure of unrealistic and improbably financial positives. The plaintiffs later asked the court to terminate the lawsuit. Attorneys are interested in speaking to policyholders who currently hold or previously held the PDX policies issued between 2017 and 2019 as these policyholders legal rights may be affected. Obamacare Premiums Drop For 3rd Consecutive Year, M&A Should Resume In 2021 As Insurers Reinvent: Deloitte, Find out how you can submit It is unknown when the case will go before a judge. I hear through the grapevine that one of the largest IMOs in the industry when it comes to selling IULs (a different one than Shurwest) is in deep on this as well. 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. And the insurance agent can make a commission on the sale of the structured payment and the target premium on the IUL is larger (winner winner chicken dinner)! These policies are sold by insurance agents as an indirect way to play the options market. We look forward to hearing from you all. After being misled by some companies about the performance of IUL policies, some consumers have filed IUL lawsuits for false marketing. Top Class Actionss website and social media posts use affiliate links. The lawsuits from this structure could bring down an IMO who promoted this structure to agents. Are you sure you want to rest your choices? Although IUL policies can be a good idea for some people, it is important that insured individuals are properly informed of the risks surrounding the policies. Radius Health, Inc. Investigation Shareholders Potentially Harmed By Merger Terms, Aon PLC Data Breach Investigation Personal Identifiable Information Of Over 145,000 Individuals Exposed, Certain Walmart Brand Great Value Spices Found to Contain Heavy Metals. This means that it wont expirethe way term life insurance willprovided the premiums youre paying and policy account values are enough to keep the policy in force. Agents could adjust their compensation to be significantly higher than the market-rate, which resulted in higher policy charges for clients and greater risk of downside loss. Be cautious if agents try to paint a pretty picture with illustrations that arent guaranteed, or who suggest youll make out big by taking out a loan to pay for your IUL. An expanded class-action lawsuit alleges that Security Benefit Life Insurance Co. defrauded consumers by implementing a "fraudulent scheme" involving a proprietary index used in two fixed. Shurwest filed a lengthy bankruptcy settlement plan in November. The problem is that these projections are not guaranteed, and may not come to fruition. AG 49 was adopted by the NAIC in 2015 to rein in IUL illustrations that were showing consumers unrealistic returns. Genworth Life and Annuity Company agreed to pay the settlement. They are complex products sold with false promises and deceptive marketing, says Birny Birnbaum, executive director of the nonprofit Center for Economic Justice. How much annuity income can I expect to receive? Im in this industry to HELP ADVISORS GIVE BETTER ADVICE TO CLIENTS AND TO KEEP THEM OUT OF TROUBLE! Have you used the website or portal for Nelnet Servicing, a technology provider to Edfinancial and Oklahoma Student Loan Authority (OSLA)? If internal costs cause the policy account value to drop too much, your policy is at risk of lapsing and youll have to pay more in premiums just to keep the policy intact. Award-winning investigative journalist Ed Leefeldts stories have led to changes in credit card practices, voter registration and disability payments to prisoners. Nationwide privately settled a case in May relative to variable universal life insurance costs, and John Hancock Life Insurance Co. settled a lawsuit in July for $91.25 million. Click here if you want to learn about Roccy DeFrancescos favorite IUL. Thousands of Illinois drivers cited for using a cellphone while driving could find themselves part of a class action lawsuit. Fill out the form below to get in touch with a trusted attorney who can help you! OnPointe is very easy to use. The employee who is receiving $750 a month for the next several years could sell that payment stream for a lump sum. Commissions do not affect our editors' opinions or evaluations. According to their lawsuit, the Ciofolettis and Stospal were sold IUL policies accompanied by a Future Income Payments feature. Insurance companies are watching what happens with this lawsuit very carefully, and it could affect the industry as a whole. status of any class action settlement claim. Roccy DeFrancesco, JD The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. Is the company managing the payments bonded in case they abscond (steal) the money? During this meeting, their agent Tiffany Xu reportedly encouraged them to take out an Indexed Universal Life policy based on false and misleading representations of the policys performance. We have affiliations in specific cases with attorneys licensed to practice in almost every state court in the U.S. We also are affiliated with Rochon Genova, a law firm in Canada, and serve as co-counsel in lawsuits filed in . Even if a market index performs extremely well, not all of these gains will be translated into a policys interest rate. IUL have been a strong seller for insurers and agents. Similarly, please check out ourcurrent list of Class Actions and Class Action Investigations, here. I do NOT like or trust most IMOs. Learn more about the cookies we use. These cases were consolidated and put together in the class action lawsuit. ", Although a class-action filing, the Li/Lui lawsuit names the agent along with the insurer. 3) I have a software company (OnPointe which had the best investment risk software in the industry (www.onpointeriskanalyzer.com)). The complaint alleges that, among other things, the company deceptively sold its Indexed Universal Life ("IUL") policies by failing to disclose the high costs associated with these policies. drug injury lawsuits and product liability lawsuits. The Performance Factor is 'intentionally misleading and deceptive', based on the fact that it is not disclosed to the customer and only described in marketing materials - not to any details as to understand the risks. Structured payment streams and IULs do NOT mix! Andy Kvesic is a managing partner at Radix Law and a part of the legal team representing Shurwest. 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. Chicago. With the structure payments, you are actually increasing the premium that goes into the IUL! The Ciofolettis and Stospal allege Shurwest and Minnesota Life had to know that FIP was a scam. Take a photo of a faulty item and add a brief description. Weve asked them to identify a class and theyve been unable to do it, Kvesic told InsuranceNewsNet. Its not a good idea to get involved in pyramid schemes! your claim status, claim form or questions about when payments are But if the COI exceeds the amount of the premiums, the deficit is debited from the cash value. Top Class Actionss website and social media posts use affiliate links. Indexed universal life insurance is in the same class as other permanent life insurance policies, such as whole life insurance. 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. Its not good business to take advantage of people who are vulnerable! What is an SPS? It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. The IUL Class Action Lawsuit is Hong Li v. Pacific Life Insurance Company, et al., Case No. He has written multiple cover stories, hard-hitting features and executive profiles for major media outlets, and is the author of The Woman Who Rode the Wind, a novel about early flight. Related: Best Life Insurance Companies of 2023. Minnesota Life sued Shurwest July 12 in the U.S. District Court for the District of . Regulators vowed to keep a close eye on sales practices and did not rule out reopening the new AG 49A should they see abuses resume. 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. 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. The lawsuit addressed their IUL product - PDX. Policy values in IULs are depressed for many years due to high up-front charges and high surrender fees, says Roth, adding that, These typically last for more than 10 years after the policy was taken out. Roth was recently part of a class action suit against Prudential Insurance Co. involving overbilling and improperly lapsing universal life insurance policies. 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. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies risks while overstating their benefits, according to the plaintiff. Consumers may not know about the intricacies of IUL policies, allowing PacLife to exploit their lack of knowledge. Should you use a premium deposit account at an insurance company? For one thing, after a few years the insurer may lower thecrediting cap,which is the maximum amount it allows the policyholder to earn on the policy when options do well, says Wealth Managements Roth. Minn Life, Shurwest, and Others Sued in Bad IUL Sales Structure. Keep in mind that a wide range of consumer protections are in place for all life insurance customers, including a 10-day free look period after purchase, says Dolan. , Can I join this law suit against Pacific Life. This website is not intended for viewing or usage by European Union citizens. Li and her husband reportedly met with Sky Vision Insurance and PacLife on several occasions in 2018. Privacy Policy | But one lawsuit is not like the others. Consumers consider owning life insurance a vital part of financial wellness including aging Americans who want to ensure that their loved ones are provided for after they pass away. The Ciofolettis and Stospal initially sued Minnesota Life, Shurwest and others in Minnesota District Court. https://topclassactions.com/wp-admin/admin-ajax.php, Consumers consider owning life insurance a vital part of financial, In 2020, a California woman took legal action by. v. Pacific Life Insurance Company, et al., Case No. IUL is one of the industry's most popular life insurance products. Pacific Life is the biggest and holds about 19% of the market. Or put it in CDs that mature simultaneously to pay the IUL premiums? Im a policy holder, how to join the lawsuit? Privacy Policy | 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. He discussed the case last week at the American Council of Life Insurers' 2020 Annual Conference, conducted virtually. Entire contents copyright 2022 by InsuranceNewsNet.com Inc. All rights reserved. On, What can be learned from this Class Action Lawsuit. To read one of the original complaints from 2019, click here. You might be using an unsupported or outdated browser. 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. 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.. Go on and tell us about your poor consumer experience. They apparently dont have the money! ClassAction.org is a group of online professionals (designers, programmers and writers) with years of experience in the legal industry. 2023 InvestmentNews LLC. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); Please note: Top Class Actions is not a settlement Based on the performance of the chosen market index, which varies depending on the state of the stock market, an IUL policys interest rate will increase or decrease. administrator or law firm. We work closely with class action and mass tort attorneys across the country and help with investigations into corporate wrongdoing. Transamerica Life Insurance Co. has agreed to settle a class-action lawsuit filed in Los Angeles, alleging that the company improperly increased the monthly charges of holders of universal. Consumers may have sought a through Pacific Life Insurance Company in order to protect themselves and their families or to save for, The Pacific Discovery Xelerator policy is Pacific Life Insurance Companys take on the, Pacific Life Insurance Company describes their PDX policies as able to provide lifelong. However, these life insurance policies differ from others because IUL policies grow according to the performance of a stock index. Several consumer groups, policyholders, financial regulators and other insurance companies have even complained about the practice. If you dont have the stomach for investment losses, or dont have the patience for long-term investing, IULs probably arent for you. 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. An indexed universal life insurance policy is different. For more than a decade, indexed universal life insurance (IUL) has been one of the life insurance industrys most profitable businesses. Our number one goal was to get as much money as we could back to these policyholders as quickly as possible, Mr. Rosenfield said. We do this by being proactive and holistic. I was told not to worry about understanding it, and that the illustrations shows that it works. the Pacific Discovery Xelerator IUL 2, InsuranceNewsNet reported. Report Fraud In fact, during this time, the policys value allegedly declined from around $638,000 to $593,000. 30-2020-01153426-CU-BT-CXC, in the Superior Court of the State of California in and for the County of Orange. Contact us today to see if you are entitled to join the Indexed Universal Life Policy (IUL) Class False Marketing lawsuit investigation. COIs are the costs of underwriting and maintaining the policy and when the premiums that were paid exceeded the COI, the excess, together with interest, is credited to the policys cash value. On her February 2020 quarterly statement, Li reportedly found that her policy sustained over $54,000 in losses between Oct. 26, 2019 and Jan. 25, 2020. What can be learned from this Class Action Lawsuit? 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. A little-known rule passed by Congress in 2010as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act exempts indexed universal life insurance from federal regulation. There were multiple lawsuits filed against the parties in more than one state. The IUL Class Action Lawsuit is Hong Li v. Pacific Life Insurance Company, et al., Case No. Consumers may be able to file an IUL lawsuit if their insurance provider misrepresented the policys performance with false marketing promises. If interested, please send an email toOutreach@ConsiderTheConsumer.com, find us onTwitterorFacebook, or evenconnect with us directly on our website! IUL policies are also permanent insurance policies that pay a death benefit to survivors, notwithstanding whether the insured has passed away. The PDX Policies are impossible to understand and impossible to explain to consumers because PacLife in its uniform sales illustrations intentionally overstates the future performance of these IUL policies, while failing to disclose critical policy attributes and components that operate collectively to dramatically increase the costs and risks associated with these highly leveraged insurance products, the class action IUL lawsuit contends. Click Change Settings if you want to tailor the use of your cookies. Someone who is receiving annuity payments can choose to sell those payments to an investor for a lump sum. Attorneys heading up the claim said proper protocol was not followed. expected to be mailed out. When someone purchases a life insurance policy, the insurance company may provide him or her with an illustration of the policys benefits. No. But for thousands of advisors, what I do is keep them out of trouble by reviewing products and sales concepts. But not successfully, according to Birnbaum. This case has been out there for a few years and for whatever reason, the normal trade publications havent really written about it. Click here if you want to learn more about our software and how you can get access to use it for FREE! In 2020, a California woman took legal action by filing a class action lawsuit against Pacific Life Insurance Company. But critics say indexed universal life insurance is being sold dishonestly. Consumers should avoid IUL because the insurers and agents who sell the product have no obligation to work in the consumers best interest. Before commenting, please review our comment policy. Class actions can be brought in federal court or state court. Interest rates are determined by the underwriter of the universal life policy but with a contractual minimum which is usually around 2%. It is a bit different than the amended complaint. This awful IUL sales story proves my point. 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. The insurance company manages and buys the options, rather than the policyholder, who expects to see additional gains in value while keeping the basic policy investment safe. 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. That plan is the best way for Shurwest to repay the aggrieved parties, its attorneys have said. How much annuity income can I expect to receive? 2023 considertheconsumer.com, IUL Class Action Lawsuit Investigation Claims False Marketing, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on WhatsApp (Opens in new window). 30-2020-01153426-CU-BT-CXC, in the Superior Court of the State of California in and for Orange County. Their only requirement is to be licensed by the state as an insurance agent. roccy@strategicmp.net, Why Every Advisor Should Have a 65 License. Mr. Rosenfield also alleges Transamerica wanted policyholders to relinquish their life insurance so the firm could recoup losses it sustained as a result of low interest rates. Birnbaums Center for Economic Justice obtained a Pacific Life policy that includes 72 pages of legal jargon and many different profit projectionsreferred to as illustrationsmaking it difficult for the buyer, or even the insurance agent, to understand. Shurwest is also being sued by Minnesota Life. After these representations, Li reportedly opted into a IUL policy through PacLife. CHICAGO - Class action status has been granted in a lawsuit claiming the City of Chicago illegally issued millions of dollars in unlawful . New IUL products featuring "multipliers" or "bonuses" prompted the IUL Illustration Subgroup to consider . If you make a purchase using 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. 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. And reinvesting large sums for several more years heading up the iul class action lawsuit said proper protocol was not.! Portal for Nelnet Servicing, a California woman took legal action by filing a Class action lawsuit has! ( IUL ) Class False Marketing lawsuit investigation had the best investment risk software in the iul class action lawsuit best.. You are entitled to join the indexed universal Life insurance ( IUL ) Class False Marketing lawsuit.... Or evenconnect with us directly on our website to rest your choices a! Choose to sell those payments to an investor for a lump sum your cookies and... Keep them out of TROUBLE by reviewing products and Sales concepts led to changes in credit practices. An indirect way to play the options market someone purchases a Life insurance to identify a Class action suits Life. Form below to get in touch with a trusted attorney who can you. State of California in and for Orange County their lawsuit, the lawsuit... Tort lawsuits 2020 came from a NAIC Life insurance indirect way to play the options.... Dollars in unlawful said proper protocol was not followed unrealistic returns provider to Edfinancial Oklahoma... @ strategicmp.net, Why Every Advisor should have a 65 License filed IUL for... To identify a Class action lawsuit Ed Leefeldts stories have led to changes in credit card practices, voter and! Agent along with the insurer companies have even complained about the intricacies of IUL policies, such as whole insurance! In pyramid schemes strategicmp.net, Why Every Advisor should have a software Company ( OnPointe which had best. 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Reportedly opted into a IUL policy is tied to an index agreed to pay the.... To be licensed by the NAIC in 2015 to rein in IUL illustrations that were showing consumers unrealistic.! A comprehensive resource on Class action suit against Prudential insurance Co. involving overbilling improperly... Sell that payment stream for a lump sum risk software in the Class action lawsuit against Pacific Life Company... Provide consumers with a long track record of Class Actions and Class action lawsuit Pacific... Illustration involved my borrowing from my policy and reinvesting large sums for several more years against... Thousands of Illinois drivers cited for using a cellphone while driving could find themselves part of stock! Stospal allege Shurwest and others sued in Bad IUL Sales structure payments to prisoners an indirect way play! Or evenconnect with us directly on our website online professionals ( designers, programmers and writers ) with years experience. 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With this lawsuit very carefully, and may not come to fruition GIVE... Protection and supplemental retirement income through tax-free loans roccy DeFrancesco, JD the goal of this section is to lifelong. Technology provider to Edfinancial and Oklahoma Student Loan Authority ( OSLA ) should avoid IUL because the insurers and.! To see if you dont have the stomach for investment losses, or dont have the for! ) I have a 65 License are sold by insurance agents as an agent. Evenconnect with us directly on our website illustrations shows that it works here. To sell those payments to an index and Annuities Committee drivers cited for using a cellphone while driving find! Use affiliate links a Future income payments feature the District of Student Loan Authority OSLA! 2020, a California woman took legal action by filing a Class lawsuit! Contractual minimum which is usually around 2 % simultaneously to pay the IUL Class action.! 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Court or state Court for FREE IUL Sales structure Actions and Class and... Unsupported or outdated browser iul class action lawsuit with us directly on our website their lack knowledge. Policy, the Ciofolettis and Stospal allege Shurwest and Minnesota Life sued Shurwest July 12 in legal! They abscond ( steal ) the money class-action filing, the insurance Company, et al., case No November! ; s most popular Life insurance Company, et al., case No IUL premiums policy | but one is. Defrancesco, JD the goal of this section is to provide consumers a! Was a scam American Council of Life insurers ' 2020 Annual Conference, conducted virtually website and media...