Earlier this year, a federal jury awarded more than $34 million to State Farm policy holders in a class action trial after finding State Farm systemically overcharged its policyholders for 23 years. (Vogt v. State Farm Life Insurance Co., 16:4170-cv-C-NKL).
This is just one, of many, of these types of cases in which insurance companies overcharge universal life insurance policyholders. Universal life insurance is a type of insurance that includes a savings account from which insurers deduct from each month to cover the cost of life insurance. Unfortunately, it is usually not apparent to the policyholder that they are being overcharged because the illicit charge is hidden in the cost of insurance rate.
If you have a variable universal insurance policy that you would like to have evaluated, or want more information, please contact the lawyers at Haeggquist & Eck, LLP at 619-342-8000 for a free consultation.