Do your research people! * The agent is also named in this lawsuit. (something I have seen in the IUL space before) So they are using the term "blending" just to be technically specific for this case. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a “particularly egregious classic pyramid scheme”. ... EIUL Insurers Face Class Action Lawsuits. This class action suit underscores the difficulties insurance companies are having in paying out claims that were underwritten when interest rates were significantly higher than they are now. Selling Indexed Universal Life Insurance Either way, class action lawsuit money, in most cases, it’s like free money for you. Watch the video to the right or download a transcript of the 7 Reasons to Be Wary of IUL. We reveal the formula behind the Pacific Discovery Xelerator’s controversial “Performance Factor" and discuss 5 viable exit strategies if Pac's new IUL's cash value can't outrun PDX's higher charges. Read 86 comments. Our firm recently resolved an index universal life insurance lawsuit on behalf of a policy holder who was not told about the enormous costs associated with the IUL. Advisor's Guide to Life Insurance for Business Owners 10 September, 2020 / 0 Comments. Many insurance firms offer bonuses and multipliers on the credited interest rate, and often charge clients extra money—in … Class Action Lawsuit; No Burial Insurance; Limited Online Information; Class Action Lawsuit. On June 5, 2018, Jeffrey Leonard (Leonard) and others filed a class action lawsuit against John Hancock Life Insurance Company of New York (John Hancock) and others relating to huge cost-of-insurance (COI) increases on certain universal life insurance policies. Read our Newswire Disclaimer. In the last few days, a link to a posting on topclassactions.com has been blazing through the industry like wildfire. 0 comments. Johnson & Johnson has paid hundreds of millions of dollars to people who developed ovarian cancer or mesothelioma after using J&J's talc products. Using our IUL calculator guide to understand the nuances behind these variables. If its like this why even take the risk selling IUL and be involved in a potential class action lawsuit? 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. Life Insurance Awareness During COVID-19 Pandemic 17 September, 2020 / 0 Comments. On August 22, 2018, John Hancock answered the complaint. Hi everyone. Talcum Powder Settlement. National Life Group is currently undergoing a class action lawsuit for alleged involvement in a pyramid scheme selling universal life insurance policies that allegedly targeted Asian immigrants. Isnt insurance about guarantees anyway, LIKE whole life??? Write a 100k IUL and another 900k a 30 year term policy. So grab some popcorn, folks. This is going to be good. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. In June 2014, a state court judge preliminarily approved a settlement to a class-action lawsuit against Fidelity & Life Guaranty Life Insurance, Co. Los Angeles, CA – Transamerica Life Insurance Company has agreed to settle a class action lawsuit brought on behalf of policyholders across the United States alleging that Transamerica improperly increased the monthly charges that the company withdrew from the accounts of policyholders who own certain “universal life” insurance policies. When they fail to do so, consumers can unite to file a class action lawsuit. The headline specifically references a class action lawsuit investigation trying to find (and presumably sign up) Pacific Life PDX and Minnesota Life Eclipse IUL policyholders who have purchased either of the two products within the last 5 years. Consumer Action maintains this listing of notable class actions so that interested consumers can learn more, join a pending action or make a claim. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. New to ClassAction.org? This is particularly dangerous with IUL policies, where a typical policy holder has extensive disposable income and the policy premiums are often enormous. California IUL Lawsuit Is One To Watch, Attorney Says October 20, 2020 by John Hilton . On February 28th, 2019, Girard Sharp attorneys filed a class action lawsuit against Premier Financial Alliance, National Life Insurance Company, and Life Insurance Company of the Southwest. Our firm recently resolved an index universal life insurance lawsuit on behalf of a policy holder who was not told about the enormous costs associated with the IUL. Pacific Life Insurance is headquartered in Newport Beach, California and was founded in 1868. Calculating different variables in an IUL policy isn't simple nor straightforward. Securian Financial Group and its Minnesota Life Insurance Company subsidiary are facing a proposed class action filed on behalf of policyholders who the case says were financially injured after they were advised by the defendants to fund their life insurance plans through “structured cash flows” that eventually fell through. The lawsuit seeks class-action status welcoming the possibility that the attorneys working for the plaintiffs can prove that PacLife's behavior in marketing a certain indexed universal life insurance policy violates the law and hurts many people across the United States. Due to an extended low-interest-rate environment, companies are struggling to … Submit a claim. Earlier this month, Keller Lenkner filed a class action suit against Facebook Inc., which also became the subject of state and federal antitrust complaints last week. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a “particularly egregious classic pyramid scheme”. As a refresher, the Ninth Circuit ruling reversed in part a decision by the U.S. District Court for the Central District of California in a certified class action of indexed … First time poster here at r/personalfinance.. My wife recently met a lady who was an independent financial advisor, and the advisor recommended that we pursue an IUL through TransAmerica or NationWife Life, with what she says has a "face value of $2 million". ! SiriusXM Class Action Settlement A class action lawsuit filed against SiriusXM has been resolved with a $96 million settlement. Class Action Lawsuit regarding IUL multipliers 22 September, 2020 / 0 Comments. 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. But since they are looking for class action status, im sure those papers mention funding in general or premium ratios in general. 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)! IUL is a complicated product. This review examines Pacific Life’s new cost/benefit paradigm within their new PDX product. Transamerica Life Insurance Co. successfully argued that this action constituted a breach of obligations that damaged the contract holders. Couple weeks later I got a class action settlement notification regarding the same thing. With the structure payments, you are actually increasing the premium that goes into the IUL! Submit a claim. You can sort the listing three ways—actions or settlements that are (1) open to claims, (2) pending or (3) closed—or use the calendar to … It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gonzales in California. In addition to covering that, today we’re also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. Our insurance fraud attorneys are investigating life insurance company sales practices and administration of universal life insurance policies. Class Action and Other Lawsuits Growth in the cash value of an IUL is linked to a stock market index and capped such that the interest credited to an account cannot be less than 0%. Their defense will assuredly be every bit as scalding, comprehensive and technical as the complaint. 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