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A Settlement has been reached with Phoenix Life Insurance Company and PHL Variable Insurance Company in two class action lawsuits about raising the cost-of-insurance (“COI”) rates on certain policyholders.

Generally, the Settlement includes anyone who owns a (or owned a now terminated) Phoenix Accumulator Universal Life Insurance Policy issued between 2004 and 2008, with a face amount of $1,000,000 or more and an issue age of either 65 and above or 68 and above, depending on the policy, for which Phoenix sent notice that the Policy was subject to a cost of insurance increase. Any questions regarding whether someone is in the class may be directed to the Settlement Administrator.

On June 17, 2015, a Notice Regarding Class Action Status, which includes important information, was sent to putative class members. For more details, including your legal rights and options in this settlement, please refer to the Notice section of this website.

UPDATE:

The Court approved the Settlement at the Fairness Hearing which was held on September 9, 2015. Final Judgment was entered on December 9, 2015. Settlement Checks will mail on or about January 11, 2016.

 

 

 

Disclaimer

This website is supervised by counsel and is controlled by Rust Consulting, the Settlement Adminstration firm that handles all aspects of administration.

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