With the structure payments, you are actually increasing the premium that goes into the IUL! Submit a claim. 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. Advisor's Guide to Life Insurance for Business Owners 10 September, 2020 / 0 Comments. Nationwide IUL Accumulator is a very strong product. Calculating different variables in an IUL policy isn't simple nor straightforward. ... EIUL Insurers Face Class Action Lawsuits. 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. 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. 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. Their defense will assuredly be every bit as scalding, comprehensive and technical as the complaint. 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. I don’t have much knowledge on IUL if someone can explain if this is a good idea or not I’d appreciate it. Isnt insurance about guarantees anyway, LIKE whole life??? 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. I got a class action lawsuit settlement from Wells Fargo for $2.44. 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. I also feel that suitability and policy design will be a huge issue in 10-15 years for our industry. 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. * The agent is also named in this lawsuit. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. More Primerica Complaints & Reviews. Consumer Action maintains this listing of notable class actions so that interested consumers can learn more, join a pending action or make a claim. If its like this why even take the risk selling IUL and be involved in a potential class action lawsuit? Read our Newswire Disclaimer. This is particularly dangerous with IUL policies, where a typical policy holder has extensive disposable income and the policy premiums are often enormous. Sales of indexed universal life insurance have been booming, but buyers may have been sold on policy projections that won't come true. Selling Indexed Universal Life Insurance 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. 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”. 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. But since they are looking for class action status, im sure those papers mention funding in general or premium ratios in general. Talcum Powder Settlement. In addition to covering that, today we’re also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gonzales in California. As far as I can see anyone who disagrees with facts are just trying to be wrong and strong. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a “particularly egregious classic pyramid scheme”. 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