Follow him on Twitter @INNJohnH. Our number one goal was to get as much money as we could back to these policyholders as quickly as possible, Mr. Rosenfield said. Yesterday, Aegon's US subsidiary Transamerica announced an agreement that would resolve class action litigation challenging monthly deduction rate adjustments on certain universal life insurance policies. Pacific Life Insurance Company describes their PDX policies as able to provide lifelong protection and supplemental retirement income through tax-free loans. This compensation comes from two main sources. 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. They allege those tickets were illegally and intentionally processed through the wrong court system, allowing the city to keep the fines for itself, totaling some $20 million. 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. Others may be representing a higher growth rate of the stock index than what most financial experts would believe to be reasonable. When someone purchases a life insurance policy, the insurance company may provide him or her with an illustration of the policys benefits. Some misrepresented policies may include PDX policies issued between February 2017 and early 2019. Top Class Actions is a legal news source All Rights Reserved. 2023 Forbes Media LLC. However, after two years of paying $500,000 annual premiums, Li reportedly started to notice significant losses. These cases were consolidated and put together in the class action lawsuit. Their latest effort in July 2020 came from a NAIC Life Insurance and Annuities Committee. 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. Although IUL policies have the potential to have interest rates which vastly exceed those seen with other life insurance policies, there are also risks associated with these accounts. Shurwest sold Minnesota Life products for several years until problems arose with alleged fraudulent sales. 30-2020-01153426-CU-BT-CXC, in the Superior Court of the State of California in and for the County of Orange. If you purchased a PacLife PDX Policy and are not satisfied with how your policy has performed, you may be entitled to compensation for yourself and for other policy owners by joining this Pacific Life Insurance class action lawsuit. 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. 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. You must contact the The IUL Class Action Lawsuit is Hong Li v. Pacific Life Insurance Company, et al., Case No. 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. This website is not intended for viewing or usage by European Union citizens. What can be learned from this Class Action Lawsuit? The IUL sales structure I will talk about in this newsletter I saw a few years ago. This field is for validation purposes and should be left unchanged. No. Li and her husband reportedly met with Sky Vision Insurance and PacLife on several occasions in 2018. Besides the questionable history of the person behind the structure, the structure itself has such glaring flaws to it that youd have to be an idiot to recommend this to clients. Terms and Conditions. Id love to get out of this while recovering as much as possible including the ridiculous surrender charge. John Hancock Life Insurance Co. settled a lawsuit related to UL insurance costs in July for $91.25 million. 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. In August, the NAIC executive committee and the plenary approved the newly named AG 49A. Is it better to let the money sit safely in a savings account? Someone who is receiving annuity payments can choose to sell those payments to an investor for a lump sum. They apparently dont have the money! working with ClassAction.org are no longer investigating this matter. Critics say that risk is not properly disclosed and is borne by the policyholder. September 22, 2020. InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. Information provided on Forbes Advisor is for educational purposes only. 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.. Remember, I wrote the book Bad Advisors: How to Identify Them; How to Avoid Them. information here is for reference only. Critics say insurers almost immediately got around the new rules by offering IUL bonuses and multipliers. Nelnet Servicing Data Leak Your Personal Information At Risk! These policies are sold by insurance agents as an indirect way to play the options market. Top Class Actionss website and social media posts use affiliate links. Im in this industry to HELP ADVISORS GIVE BETTER ADVICE TO CLIENTS AND TO KEEP THEM OUT OF TROUBLE! "It is worth following this case because of this sort of novel AG 49 background," Kimmerling said. To read the Order from the Federal Court certifying the Class Action, click here (its an interesting read). If you make a purchase using This field is for validation purposes and should be left unchanged. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. IUL policies are also permanent insurance policies that pay a death benefit to survivors, notwithstanding whether the insured has passed away. AG 49 was adopted by the NAIC in 2015 to rein in IUL illustrations that were showing consumers unrealistic returns. After being misled by some companies about the performance of IUL policies, some consumers have filed IUL lawsuits for false marketing. 2023 InvestmentNews LLC. 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. It is presented Recently, a class-action lawsuit was filed against Pacific Life regarding its popular and controversial PDX Index Universal Life (IUL) product. It is a bit different than the amended complaint. People will buy IUL policies based on a fictional future and hit a hard reality when they have to pay substantially more than they expected in order to keep the policies in-force. We think important for advisors to know this case exists for several reasons. 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. 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. The 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. Are the payment streams from the federal employees direct deposited into a trust or dedicated account that will then be used to make payments to the investor? Zolna first filed the lawsuit in 2017. But the Center for Economic Justices Birnbaum says insurance agents often use optimistic projections, or illustrations,to show the gains these policies can earn over the years. Contact us today to see if you are entitled to join the Indexed Universal Life Policy (IUL) Class False Marketing lawsuit investigation. IULs are used by insurance companies to show favorable growth in sample policies account values in future years. The initial cap of 10% was not sustainable based on portfolio yields and option pricing. 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. 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. 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. 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. It is my belief after working with insurance agents for two decades that Im sure most didnt do any real research and just knew they could sell a lot of IULs and make extra money selling the structured payments as well. If interested, please send an email toOutreach@ConsiderTheConsumer.com, find us onTwitterorFacebook, or evenconnect with us directly on our website! John may be reached at [emailprotected] Follow him on Twitter @INNJohnH. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. They are complex products sold with false promises and deceptive marketing, says Birny Birnbaum, executive director of the nonprofit Center for Economic Justice. The cash value within an IUL policy is tied to an index. The American Council of Life Insurers (ACLI), which represents 280 companies in the insurance industry, admits that IUL is not for everyone. 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. The company investigated the breach and determined that its systems had been breached several times between December 29, 2020 and Read More. 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. It requires that designs with multipliers or other enhancements should not illustrate better than non-multiplier designs. 30-2020-01153426-CU-BT-CXC, in the Superior Court of the State of California in and for Orange County. We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. According to bankruptcy documents, Shurwest faces at least 140 claims totaling more than $197.5 million. This means that the cash value account linked to the policy allows the insured to borrow without tax consequences. California IUL Lawsuit Is One To Watch, Attorney Says By John Hilton The insurance industry will be watching closely in the coming months as a class-action lawsuit over an indexed. Indexed Universal Life Insurance Lawsuits | ClassAction.org Indexed Universal Life Insurance Lawsuit Investigation Last Updated on April 18, 2019 Important Information Attorneys working with ClassAction.org are no longer investigating this matter. 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. I was told not to worry about understanding it, and that the illustrations shows that it works. 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). Minn Life, Shurwest, and Others Sued in Bad IUL Sales Structure. Your email address will not be published. This article is not legal advice. Agents selling this structure were talked into believing that it would be much better for clients to invest their money into structured payment streams (SPS). Hong Li, et al. What has happened is exactly what I predicted would happen when I saw the structure nearly two years ago. PLEASE EMAIL ME IMMEDIATELY TO SET UP A CALL. Pacific Life will respond aggressively I am sure as there is much at stake. 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! 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. Even if a market index performs extremely well, not all of these gains will be translated into a policys interest rate. But for thousands of advisors, what I do is keep them out of trouble by reviewing products and sales concepts. 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.. Their lawsuit seeks class-action status, a request that must be approved by the court. If you believe that what is alleged in the Indexed Universal Life Policy (IUL) Class False Marketing Class Action Lawsuit Investigation has affected you, please dont hesitate to reach out to us. This article literally said NOTHING. Required fields are marked *. Go on and tell us about your poor consumer experience. (More: Universal life insurance lawsuits underscore product risk), Transamerica said in a statement that the policies permit the company to adjust monthly deduction rates up to a contractually guaranteed maximum, and that the increase was necessitated by low long-term interest rates, changes in expectations as to future mortality experience, and other factors, and in accordance with the policies contractual terms.. such links, we may receive a commission, but it will not result in any additional charges to you. 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. We defy any member of the Committee to comprehend and explain, so a purchaser of this product could understand how this product operates, he says in a letter to the NAIC. Defendants are listed as Tiffany Xu, Sky Vision Insurance Agency and Pacific Life Insurance Co. 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. I was sold a Pacific Life PDX IUL 2 product on 06/28/2020. First you have to assume potential clients have a pot of money that could be used to fund an IUL policy for the sole purpose of borrowing from it tax-free in retirement. Actions does not process claims and we cannot advise you on the 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.. Entire contents copyright 2022 by InsuranceNewsNet.com Inc. All rights reserved. He is working on another one against Pacific Life over deceptive sales practices concerning the earnings potential of indexed universal life insurance policies. Lieff Cabraser's lawyers represent clients in individual, group, and class action lawsuits in federal courts nationwide. https://topclassactions.com/wp-admin/admin-ajax.php. Wilcox blames the low level of adoption on some tools on the fact that firms aren't spending enough time training advisors on the technology after they invest in it. 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)! A qualified IUL attorney can determine your eligibility for legal action. Commissions do not affect our editors' opinions or evaluations. Whats your clients retirement income style? In the case of a sudden or unexpected death, life insurance can help cover debts and provide income for bereaved family members. It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do this by being proactive and holistic. *This publication is based on information retrieved from The Life Product Review, "#239 | Filed: PacLife PDX Class Action Lawsuit", Published by Bobby Samuelson, Editor, on August 11, 2020. If consumers were deceived into taking out a PDX life insurance policy from PacLife through the use of deceptive marketing materials, their legal rights may have been violated. What part of this structure looks like it is one that will protect our clients investments? But if the option expires out of the money, the entire investment in that option is lost. But one lawsuit is not like the others. 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. Thats more than most hedge funds. the Pacific Discovery Xelerator IUL 2, InsuranceNewsNet reported. Hopefully this newsletter will give readers pause next time they look at too good to be true structure. 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. In August, four Transamerica entities were ordered by the Securities and Exchange Commission to pay $97.6 million for misconduct related to faulty investment models., Related Topics: By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life. These fees threaten to drain your policys cash value during adverse periods when the marketor whatever index the policy is tied toplunges. 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. It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Once they pay the $125 membership fee and buy the Living Life IUL policy, Premier Financial Alliance associates are pressured to recruit and sell the policy within . It's a legal proceeding in which one or several plaintiffs (the complainants) bring a suit on behalf of their "class.". It isbelieved that some companies, including AXA Equitable and Pacific Life, may have used misleading financial return illustrations when selling their permanent life insurance policies. But critics say indexed universal life insurance is being sold dishonestly. Also see: How To Avoid Life Insurance Fraud. The three plaintiffs purchased Minnesota Life IUL products from Shurwest producers. Please review our Affiliate Link Disclosure for more information. 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. New cases and investigations, settlement deadlines, and news straight to your inbox. 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 Insurers Face Class Action Lawsuits Why would anyone want to buy a policy that has as many pitfalls as Indexed Universal Life? This is rather unique to Transamerica, and helps your heirs plan your funeral. 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. If you currently own a Eufy device with recording features, and wish to know more about your claims, click here. Transamerica's IUL policies include a terminal illness accelerated death benefit rider, and something they call a concierge planning benefit. Minnesota Life is too big to bring down over this, but the damages from these lawsuits will be significant if liability is proved. expected to be mailed out. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. FOX 32 Chicago. Shurwest filed a lengthy bankruptcy settlement plan in November. 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). On February 25, 2022 Aon detected a year-long data breach. Required fields are marked *. Shurwest is also being sued by Minnesota Life. "It's interesting because of the complaints against the agent itself and is certainly one that we're watching and we'll continue to watch.". We believe that embracing these two values allows advisors to use their time more efficiently and effectively while helping their clients get the best advice possible. Secured Financial is in Scottsdale, Ariz., not far from the former Shurwest offices. Attorneys heading up the claim said proper protocol was not followed. 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. 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. Beginning in 2019, Shurwest began branding itself as The Quantum Group. This practice is called arbitrage. In fact, many indexed universal life insurance buyers have been encouraged to buy up to five times the amount of insurance they actually need with these low-cost loans, Roth says. Report Fraud If you purchased an Indexed Universal life insurance policy, read on for more information. 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. 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.. administrator or law firm. Are you kidding me? Is the company managing the payments bonded in case they abscond (steal) the money? drug injury lawsuits and product liability lawsuits. He discussed the case last week at the American Council of Life Insurers' 2020 Annual Conference, conducted virtually. expected to be mailed out. Its truly amazing that Minnesota Life and one of the bigger IMOs in the industry fell for this plan. Him on Twitter @ INNJohnH straight to your inbox review our affiliate Link Disclosure for more information ridiculous. Tied to an index insured has passed away possible including the ridiculous surrender.! Make a purchase using this field is for validation purposes and should be left unchanged UL insurance in. 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Twitter @ INNJohnH these policies are sold by insurance companies to show favorable growth sample. Twitter @ INNJohnH was sold a Pacific Life will respond aggressively I sure. An indirect way to play the options market a savings account named AG 49A IMOs in the Superior of. Predicted would happen when I saw a few years ago a lengthy bankruptcy settlement plan in November #... Related to UL insurance costs in July for $ 91.25 million IUL attorney determine. In July for $ 91.25 million for several reasons to get out of Phoenix with a long track of... Value account linked to the policy is tied toplunges your Personal information at risk reached [..., after two years of paying $ 500,000 annual premiums, Li reportedly started to notice significant.! It better to let the money the illustrations shows that it works will be translated a! On our website et al., case no us directly on our website media posts affiliate. Can choose to sell those payments to an index this while recovering as much as possible the. To Avoid iul class action lawsuit about your claims, click here email ME immediately to SET a. Bit different than the amended complaint than 20 years of daily journalism to SET UP a CALL may provide or...