The lawsuit addressed their IUL product - PDX. 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. In fact, during this time, the policys value allegedly declined from around $638,000 to $593,000. GE Capital Assurance universal life price hikes may be unlawful and excessive, Creditor and debt collector calls class action lawsuit investigation, Essential: Remember your cookie permission setting, Essential: Gather information you input into a contact forms, newsletter and other forms across all pages, Essential: Keep track of what you input in a shopping cart, Essential: Authenticate that you are logged into your user account, Essential: Remember language version you selected, Functionality: Remember social media settings, Functionality: Remember selected region and country, Analytics: Keep track of your visited pages and interaction taken, Analytics: Keep track about your location and region based on your IP number, Analytics: Keep track of the time spent on each page, Analytics: Increase the data quality of the statistics functions, Advertising: Tailor information and advertising to your interests based on e.g. Performance information may have changed since the time of publication. 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. But one lawsuit is not like the others. Before commenting, please review our comment policy. Using either one can get you sued. When policyholders live to an older age, these policies may help provide retirement income for aging seniors. Consumers may be able to file an IUL lawsuit if their insurance provider misrepresented the policys performance with false marketing promises. Fill out the form below to get in touch with a trusted attorney who can help you! According to Harvey Rosenfield, an attorney with Consumer Watchdog who represented the plaintiffs, Transamerica notified policyholders in 2015 that it was increasing charges by as much as 38% on universal life insurance packages originally sold in the late 1980s and early 1990s. The answer to all of these very simple questions was NO! The plaintiffs say those concerns have been addressed in the new Arizona lawsuit. 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. I asked simple questions like is there a bank or trust company (reputable one) that is managing the payments in this structure? 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. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. Become a subscriber below! To date, Shurwest has made a ton of progress getting claims resolved, Kvesic said. 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. 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. Regulators Open Up AG 49. And until you dig deep, IUL appears to have it all. Get In Touch! If interested, please send an email toOutreach@ConsiderTheConsumer.com, find us onTwitterorFacebook, or evenconnect with us directly on our website! Unlike other products, such as term and whole life, universal life which is . According to the companys announcement, these new policies build on the structure of the first PDX policies with an added Enhanced Performance Factor Rider that allows policyholders more options for their policies. Learn more about the cookies we use. Pacific Life Insurance Company describes their PDX policies as able to provide lifelong protection and supplemental retirement income through tax-free loans. settlement administrator or your attorney for any updates regarding No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. Remember, I wrote the book Bad Advisors: How to Identify Them; How to Avoid Them. Some misrepresented policies may include PDX policies issued between February 2017 and early 2019. On its face, it sort of sounds logical. YorkBridge, Beacon Pointe's largest acquisition so far in 2023, was founded in 2016 by Carrie Gallaway and Andrew Stern. The plaintiffs are represented by Bonnett Fairbourn Friedman & Balint, a Phoenix law firm specializing in life insurance sales practices. The structured settlement company isnt bonded. Beginning in 2019, Shurwest began branding itself as The Quantum Group. How can that be? Attorneys heading up the claim said proper protocol was not followed. Report Fraud 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. While not binding, this illustration serves as an educated guess as to what the policy will be worth in any given year. Someone who is receiving annuity payments can choose to sell those payments to an investor for a lump sum. Secured Financial is in Scottsdale, Ariz., not far from the former Shurwest offices. However, the plaintiffs argued Transamerica had breached its contract and acted in bad faith by raising charges as a pretext to avoid or offset its obligation to pay the guaranteed monthly interest. 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. 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View Guidelines. It is a bit different than the amended complaint. If you received a data breach notification or feel your Read More, Radius Health, Inc. Merger Terms May Have Harmed Stockholders An investigation into the fairness of the sale of Radius Health, Inc. (Radius or the Company) (NASDAQ: RDUS) to Gurnet Point Capital (Gurnet Point) and Patient Square Capital (Patient Square) has commenced. We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. On, What can be learned from this Class Action Lawsuit. Click here to download an example output of an IUL vs. funding a 401(k) plan example for a 50 year old. However, after two years of paying $500,000 annual premiums, Li reportedly started to notice significant losses. expected to be mailed out. New York Life launches Clear Income Advantage fixed deferred annuity, A slap in the face: Advocates trying to end HIV say threats to drugs access are dangerous, Regaining years that COVID took: NYC life expectancy dropped of 4.6 years in one year and how to build it back up, Hospitals weathered financial storm from COVID, Amid high inflation, many Americans delay health care, Biden to open up Medicaid, Obamacare to about 700,000 illegal immigrants, How an agent can effectively counter life insurance objections, Insurance industry still faces recruitment, retention challenges, MassMutual announces additional $100M fund to invest in diverse-led and overlooked companies, North Dakota the 47th jurisdiction to join the interstate insurance compact, Insurance industry coalition forms non-profit to study baffling excess mortality, $1.5 trillion debt signals trouble for commercial real estate market, National health emergency declared over, ending use of some federal waivers, Hexure Names Jaylene Kunze as New Chief Financial Officer, Senior Market Sales Expands National Footprint With Acquisition of Sizeland Medicare Strategies, Hexure Names Nag Vaidyanathan as New Chief Technology Officer, Insurity Partners with Attestiv to Provide AI-Powered Automation and Enhanced Fraud Protection for P&C Insurance Carriers. The NAIC has been very active on the regulation of IULs, which continues to this day, says the ACLIsDolan. 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. Actions does not process claims and we cannot advise you on the 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. A judge there denied class-action status in August 2021, ruling, in part, that plaintiffs did not prove the existence of a fiduciary duty on the part of the defendants. 30-2020-01153426-CU-BT-CXC, in the Superior Court of the State of California in and for the County of Orange. Under the terms of the merger, an entity jointly owned by Gurnet Point Read More, Aon PLC Failed To Properly Secure Personally Identifiable Information Aon PLC is a multinational financial services firm that sells a wide variety of risk-mitigation products. The fact patterns are perfect examples of poor market conduct including inflated commissions, aggressive claims such as 'guaranteed performance' because it is a 'whole life' product, as well as reduced performance even under modest changes to the illustrated rate. Universal life insurance is a type of life insurance product that provides cash value which is affected by the cost of insurance, or COI. What you will read in this newsletter is a classic example of me helping an IMO and ultimately hundreds of agents from getting caught up in the lawsuits that are now flying. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies risks while overstating their benefits, according to the plaintiff. status of any class action settlement claim. Scammers pushing FIP allegedly used brokers and insurance producers to find investors -- often retired veterans, teachers and firefighters. Top Class On page 12 paragraph 60 it states that the Living Life IUL offered by LSW is far more expensive then other LSW IUL products. Andy Kvesic is a managing partner at Radix Law and a part of the legal team representing Shurwest. Shurwest sold Minnesota Life products for several years until problems arose with alleged fraudulent sales. 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. If you make a purchase using But money could be going into more esoteric ones like the Hang Seng, Gold and Emerging Markets. Indexed universal life insurance is in the same class as other permanent life insurance policies, such as whole life insurance. This settlement for approximately USD 88 million removes the uncertainty of this ongoing litigation for the company and its customers . 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. The employee who is receiving $750 a month for the next several years could sell that payment stream for a lump sum. Our number one goal was to get as much money as we could back to these policyholders as quickly as possible, Mr. Rosenfield said. 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. , Can I join this law suit against Pacific Life. However, these life insurance policies differ from others because IUL policies grow according to the performance of a stock index. Mix in massively complex products designed to juice illustrations with opaque and unaccountable features and you have the recipe for future financial disaster, said Birnbaum in a July 2020 statement that warned consumers against buying IUL. The IMO filed for Chapter 11 bankruptcy Aug. 31, 2021, all while steadfastly maintaining that company executives knew nothing about a pension fraud scheme adapted to hundreds of indexed universal life sales. He is working on another one against Pacific Life over deceptive sales practices concerning the earnings potential of indexed universal life insurance policies. Follow him on Twitter @INNJohnH. We want to help people make smart financial decisions How? An IUL class action lawsuit investigation is underway to probe into allegations that people who purchased Indexed Universal Life (IUL) insurance policies were misled into expecting unrealistic rates of return that comes after insurance companies presented used fabricated and false illustrations in marketing literature and sales material. Minnesota Life is too big to bring down over this, but the damages from these lawsuits will be significant if liability is proved. It took me all of about 30 minutes of research to determine that the structure was a train wreck waiting to happen and anyone getting involved with it should expect it to blow up in their face. PLEASE EMAIL ME IMMEDIATELY TO SET UP A CALL. 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. I was asked by an IMO owner to review the structure and give my opinion. Past performance is not indicative of future results. The issues in The class action goes as far as to allege that PacLife structured the PDX Policies in a way that incentivizes its sales agents to heap even more risk on the unwitting policyowners, offering their own sales agents commissions if they successfully push through a PDX IUL policy sale. 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. Their lawsuit seeks class-action status, a request that must be approved by the court. The product is far riskier than perceived due to the increased leverage. For more than a decade, indexed universal life insurance (IUL) has been one of the life insurance industry's most profitable businesses. For more than a decade, indexed universal life insurance (IUL) has been one of the life insurance industrys most profitable businesses. We'd love to hear from you, please enter your comments. Policyholders who participate in the settlement will receive a monetary award either through credits to policy account values or in cash for policies no longer in force and protection from any additional increases in the monthly deduction rate for five years. 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. Please try again later. Class actions on "vanishing premium" sales practices reaped "huge jury verdicts, multi-million dollar class action settlements and changes that go to the very foundation of the life insurance industry." We're talking literally billions of dollars in aggregate settlements. This is rather unique to Transamerica, and helps your heirs plan your funeral. Im guessing that the lawsuits I got my hands on are only three of many. Shurwest reported current gross income of about $125,000-$150,000 per month, and future operating expenses to be $35,000-$40,000 per month. New IUL premiums increased by 29% in the fourth. Your financial situation is unique and the products and services we review may not be right for your circumstances. The buyer buys the payments at a discount and then receives them going forward. It also provides the benefit of being tax-free while building value over time. The plaintiffs claim they were misled about the costs of an IUL policy and how it works. 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 It was built on faith. Its a win-win. Click here if you want to learn more about our software and how you can get access to use it for FREE! LSW Class Action Lawsuit - Advisor Share LSW Sued in IUL Pyramid Sales Scheme (Class Action Certified) This case has been out there for a few years and for whatever reason, the normal trade publications haven't really written about it. Even if a market index performs extremely well, not all of these gains will be translated into a policys interest rate. It is believed that some insurers are using current interest rates and costs to project policy benefits without taking into account how the performance of stock indexes and costs charged to the policyholder can fluctuate over time. The two companies appear to share the same address, phone number and employees, Minnesota Life noted in a lawsuit it filed against Shurwest in July 2021 in the U.S. District Court for the District of Minnesota. Consumers may have sought a through Pacific Life Insurance Company in order to protect themselves and their families or to save for retirement. 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. Interest rates are determined by the underwriter of the universal life policy but with a contractual minimum which is usually around 2%. Your email address will not be published. I feel my energy is in the right direction, said Vazirani, a recognized industry whistleblower by the Securities and Exchange Commission. Also, the new AG 49A permits the IUL illustration crediting rate to be 50 basis points higher than the policy loan rate, down from 100 basis points. 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 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! Top Class We think important for advisors to know this case exists for several reasons. If you are considered eligible to be among the class of consumers described in the class action lawsuit investigation, you may eventually be able to participate in receiving any compensation the court may award. It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Structured payment streams and IULs do NOT mix! Vazirani and Ron Shurts, a founder of Shurwest, are bitter rivals who have clashed in the past. If an option is exercised in the money, the payoff can be significant. InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. Pacific Life Insurance Company Misleads Consumers Into Purchasing PDX IUL Policies, Alleges Class Action, GE Capital Assurance universal life price hikes may be unlawful and excessive, Creditor and debt collector calls class action lawsuit investigation. New IUL products featuring "multipliers" or "bonuses" prompted the IUL Illustration Subgroup to consider . Using various marketing efforts, agents allegedly targeted pensioners with the FIP strategy by offering them a lump sum in exchange for a portion of their future pension payments. The IUL sales structure I will talk about in this newsletter I saw a few years ago. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. To read the complaints filed against Minnesota Life, Shurwest, and several other defendants, and to read a separate CLASS ACTION complaint against Minnesota Life, click on the following link: One question I get quite often from advisors who have been getting my newsletters is: what exactly do you do? The crux of the complaint is both technical as well as . According to bankruptcy documents, Shurwest faces at least 140 claims totaling more than $197.5 million. We do this by being proactive and holistic. FOX 32 Chicago. In 2020, a California woman took legal action by filing a class action lawsuit against Pacific Life Insurance Company. 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. Is the company managing the payments bonded in case they abscond (steal) the money? No. 269-216-9978 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. Universal life insurance allow buyers to make flexible premium payments to fund policies with a relatively low amount of premiums. A federal judge in Richmond, Virginia, approved a $25 million universal life insurance class action at a fairness hearing Monday. The plaintiffs later asked the court to terminate the lawsuit. 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. 30-2020-01153426-CU-BT-CXC, in the Superior Court of the State of California in and for Orange County. (the class was certified at the end of 2021). The Ciofolettis and Stospal initially sued Minnesota Life, Shurwest and others in Minnesota District Court. 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. 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. 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)! 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. 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.. 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. 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. 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People make smart financial decisions How plaintiffs say those concerns have been addressed in the Superior Court the. Educated guess as to what the policy will be worth in any given year, which continues to day. The next several years until problems arose with alleged fraudulent sales send an email @. Removes the uncertainty of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com when live. To fund policies with a long track record of class action lawsuit against Pacific life over deceptive practices. Expressed written consent from InsuranceNewsNet.com us onTwitterorFacebook, or evenconnect with us directly on our website Advisors How! Said Vazirani, a California woman took legal action by filing a class action against... The lawsuits I got my hands on are only three of many these very simple questions was NO owner! Choose to sell those payments to fund policies with a trusted attorney who can help you Ron,... 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