Recent class action lawsuits against leading insurance companies such as Lincoln Nation Insurance Company, Phoenix Life, Transamerica Life Insurance Co., AXA Equitable, and Banner Life, allege that insurers improperly raised the “cost of insurance” on universal life the policies, which can cause the cash value of the policies to drop or the policies to lapse prematurely, which not only deprives the insureds of the value of those policies but also may require them to obtain replacement insurance that is more expensive.
Cohen & Malad, LLP class action attorneys are investigating claims relating to cost of insurance increases in universal life insurance policies. Contact us if you believe your insurer may have unfairly raised the cost of insurance on your policy.