Settlement Structure: Claims Made
Active: Closed
Closed Settlement Statement:
According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.
Case Summary:USAA Life Insurance Company is paying $90 million to settle a class action alleging that it violated its own policy terms in deducting the cost of insurance (COI) for certain Universal Life 1, 2, 3, and 4 policies. The complaint made three allegations: (1) USAA used factors other than those specified in the policy to determine COI rates. (2) USAA considers its expenses when setting rates. (3) USAA is supposed to use “expectations as to future mortality experience” in determining COI, but while these expectations have improved, USAA has not reduced its rates.
Docket Number:5:17-cv-967
Company: USAA Life Insurance Company
Filing Deadline: January 1, 2100
Class Period: March 1, 1999
Objection Deadline: August 5, 2021
Exclusion Deadline: August 5, 2021
Final Approval Hearing: August 26, 2021
Proof of Purchase:You do not need to provide proof or submit a claim form.
Eligibility:You may be eligible if you are a person who owns or owned a Universal Life 1, Universal Life 2, Universal Life 3, or Universal Life 4 life insurance policy issued or administered by USAA Life (or its predecessors in interest) that were in force on or after March 1, 1999, subject to certain important exclusions.
Typical Settlement Amount:Benefits will be based on a distribution plan giving each class member an approximate pro-rata share of the net settlement fund, based on the amount of cost of insurance charges paid. The minimum payment is $50.
Total Settlement Amount: $90 million
Class Representative Proposed Incentive Fee:$20,000
Law Firms:
Girard Sharp LLP
Miller Schirger LLC
Stueve Siegle Hanson LLP
Case Name: Spegele v. USAA Life Insurance Company
Settlement Website: USAA Cost of Insurance Settlement Website
Claims Administrator:
Analytics Consulting, LLC
Spegele v USAA
c/o Analytics Consulting LLC
P.O. Box 2007
Chanhassen, MN 55317-2007
Phone: 1-888-392-1061
Fax: 952-404-5750
info@usaacoisettlement.com