Submit a claim. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. Our insurance fraud attorneys are investigating life insurance company sales practices and administration of universal life insurance policies. * The agent is also named in this lawsuit. 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. Transamerica Life Insurance Co. successfully argued that this action constituted a breach of obligations that damaged the contract holders. 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". Their defense will assuredly be every bit as scalding, comprehensive and technical as the complaint. 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. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a “particularly egregious classic pyramid scheme”. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gonzales in California. Or talked into taking out loans to pay for massive policies. 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. Talcum Powder Settlement. Class Action Lawsuit; No Burial Insurance; Limited Online Information; Class Action Lawsuit. This review examines Pacific Life’s new cost/benefit paradigm within their new PDX product. Open. I got a class action lawsuit settlement from Wells Fargo for $2.44. When they fail to do so, consumers can unite to file a class action lawsuit. SiriusXM Class Action Settlement A class action lawsuit filed against SiriusXM has been resolved with a $96 million settlement. Submit a claim. The Plaintiffs allege that Premier Financial Group has been carrying out an unlawful pyramid scheme involving the sale of universal life insurance policies issued by National Life Group. This is particularly dangerous with IUL policies, where a typical policy holder has extensive disposable income and the policy premiums are often enormous. This is going to be good. Watch the video to the right or download a transcript of the 7 Reasons to Be Wary of IUL. In the last few days, a link to a posting on topclassactions.com has been blazing through the industry like wildfire. 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 … If its like this why even take the risk selling IUL and be involved in a potential class action lawsuit? 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 … Read 86 comments. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. IUL is a complicated product. Simple! 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. Johnson & Johnson has paid hundreds of millions of dollars to people who developed ovarian cancer or mesothelioma after using J&J's talc products. Selling Indexed Universal Life Insurance By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life.The lawsuit addressed their IUL product - PDX. Primerica - money stealers!! New to ClassAction.org? Sales of indexed universal life insurance have been booming, but buyers may have been sold on policy projections that won't come true. (something I have seen in the IUL space before) So they are using the term "blending" just to be technically specific for this case. In addition to covering that, today we’re also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. Pacific Life Insurance is headquartered in Newport Beach, California and was founded in 1868. It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Top Class Action Settlement for 2017. Due to an extended low-interest-rate environment, companies are struggling to … Nationwide IUL Accumulator is a very strong product. 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%. Consumer Action maintains this listing of notable class actions so that interested consumers can learn more, join a pending action or make a claim. 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. ! 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. 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. 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)! In June 2014, a state court judge preliminarily approved a settlement to a class-action lawsuit against Fidelity & Life Guaranty Life Insurance, Co. 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. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a “particularly egregious classic pyramid scheme”. This is particularly dangerous with IUL policies, where a typical policy holder has extensive disposable income and the policy premiums are often enormous. More Primerica Complaints & Reviews. With class action lawsuit rebates, the rebate is given to consumers because the company behind the product/service has down something wrong (usually!) Either way, class action lawsuit money, in most cases, it’s like free money for you. Isnt insurance about guarantees anyway, LIKE whole life??? Especially regarding the class action lawsuit against Citigroup for deceiving investors. California IUL Lawsuit Is One To Watch, Attorney Says October 20, 2020 by John Hilton . I don’t have much knowledge on IUL if someone can explain if this is a good idea or not I’d appreciate it. This class action lawsuit lays out a devastating and systematic argument for behavior that, if found to be true, would undermine that story. 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. 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. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. Couple weeks later I got a class action settlement notification regarding the same thing. 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. 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. Class Action Lawsuit regarding IUL multipliers 22 September, 2020 / 0 Comments. Many insurance firms offer bonuses and multipliers on the credited interest rate, and often charge clients extra money—in … 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. Hi everyone. Do your research people! The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. Calculating different variables in an IUL policy isn't simple nor straightforward. Advisor's Guide to Life Insurance for Business Owners 10 September, 2020 / 0 Comments. ... EIUL Insurers Face Class Action Lawsuits. I also feel that suitability and policy design will be a huge issue in 10-15 years for our industry. With the structure payments, you are actually increasing the premium that goes into the IUL! But since they are looking for class action status, im sure those papers mention funding in general or premium ratios in general. On August 22, 2018, John Hancock answered the complaint. A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. It offers several great features and has excellent ratings in all dimensions. As far as I can see anyone who disagrees with facts are just trying to be wrong and strong. Universal life insurance policies have a guaranteed interest rate. Although Largely Deflated, IUL Illustration Statute Lawsuit Rolls On. Using our IUL calculator guide to understand the nuances behind these variables. So grab some popcorn, folks. Life Insurance Awareness During COVID-19 Pandemic 17 September, 2020 / 0 Comments. Pacific Life has selling agreements with more than 850 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. Write a 100k IUL and another 900k a 30 year term policy. ... in class action and other complex commercial litigation disputes as well as regulatory enforcement proceedings. 0 comments. Class Action and Other Lawsuits Read our Newswire Disclaimer. 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