Cost of Insurance
Unum Universal Life Policies COI Rate Increases Class Action
This class action concerns the monthly cost of insurance (COI) for group universal life or individual universal life insurance policies that are issued by Unum Life Insurance Company of America and administered by it or its agents. The complaint alleges that the cost of insurance charges for these policies is supposed to be based on Read more
Columbus Life Insurance Cost of Insurance Basis Class Action
With certain life insurance policies, the insurance company subtracts certain charges from an account value to pay for the policy each month. The complaint for this class action alleges that Columbus Life Insurance Company has for several years deducted too much from its customers’ account values, in breach of the terms of the policy. Read more
Lincoln National COI Rates and Improved Mortality Class Action
The cost of insurance (COI) that universal life insurance policyholders pay each month may be based largely on expectations about mortality. So what happens when mortality expectations improve? This class action, against Lincoln National Life Insurance Company, claims that when people are living longer, COI rates should go down. Read more
PHL Variable Life Unlawful COI Increases Class Action
This class action brings suit against PHL Variable Life Insurance Company (Phoenix), alleging it is imposing an excessive and unlawful cost of insurance (COI) increase. It concerns a subset of policies, Phoenix Accumulator Universal Life (PAUL) and Phoenix Estate Legacy (PEL) policies. Read more
State Farm Life Insurance Determination of COI Missouri Class Action
This class action brings suit against State Farm Life Insurance Company for breach of contract and conversion, claiming the company has wrongfully deducted certain amounts from the Account Value of its Form 94030 universal life insurance policies. The complaint claims that, in an earlier case, the court made a judgment against State Farm for the Read more
John Hancock Cost of Insurance Settlement
John Hancock Life Insurance Company of New York and John Hancock Life Insurance Company (USA) are settling a class action for more than $123 million, alleging that they increased cost of insurance (COI) rates on certain Performance Universal life insurance policies unlawfully. The complaint alleged that the companies also violated certain state laws by issuing Read more
USAA Cost of Insurance Settlement
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 Read more
Jackson National Life Insurance Increases in COI Class Action
The complaint for this class action brings suit against the Jackson National Life Insurance Company, alleging that it has breached the terms of its agreements with customers. The complaint claims that the company made customers pay “inflated monthly charges for cost of insurance (‘COI’) that are not allowed by the plain language of their insurance Read more