Do you own a John Hancock Flex V2 Life Insurance Policy? if you do then you may be eligible for a potential award from the John Hancock Life Insurance Policy Class Action Lawsuit!
According to the lawsuit, John Hancock life insurance company violated its policy in three ways. First it is alleged to consider factors other than mortality expectations when calculating certain rates on its policy plan. Second, John Hancock life insurance company has a maximum Maintenance Charge of $8 per month. John Hancock supposedly hit policy holders with charges filed under Applied Monthly Rate rather than filing under more appropriate category of Maintenance Charge. This is seen as a way to circumvent hitting the monthly maximum on Maintenance Charge while charging consumers more money. Third, John Hancock allegedly failed to review policy once every five years and adjust rate accordingly.
John Hancock denies the allegations and decided to settle the lawsuit to avoid ongoing litigation expenses. Applicable class members should automatically receive benefits unless you opt out of the settlement.
John Hancock Life Insurance Policy CAL:
- John Hancock Life Insurance Policy Notice Of Settlement
- Claim Form Deadline: N/A
- Who’s Eligible: All persons who own or owned a Flex V Scheduled Premium Variable Whole Life Insurance Policy
- Estimated Amount: Varies
- Average payment of $630 up to $5,350 for class members who purchased their policies on or after January 1, 1997
- Average payment of $120 up to $975 for class members who purchased their policies on or before December 31, 1996
- Proof of Purchase: No
- Case Name & Number: Larson, et al. v. John Hancock Life Insurance Company (U.S.A.), Case No. RG16813803, in the Superior Court of the State of California for the County of Alameda
Receive Potential Award:
- Head over to John Hancock Life Insurance Policy Notice Of Settlement.
- Look over the claim form to see if you are eligible.
- Eligible class members should automatically receive benefits.
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Bottom Line:
If you have a John Hancock Flex V2 Life Insurance Policy then be on the lookout for a potential award coming your way. John Hancock Insurance Company is accused violating three aspects of their policy, they deny allegations and has decided to settle out of court to cut ongoing litigation expenses. If you are a qualifying class member then no action is needed on your part! class members automatically receive the benefits that are due to them from the John Hancock Life Insurance Policy Class Action Lawsuit unless you decide to opt out of the settlement. Don’t forget to take a look at our full list of Class Action Lawsuit Settlements!
I bought a John Hancock insurance policy in May 1997, I have paid $90 a month since then. I got a premium increase to $365.91. At the time I bought the policy i was not told of this increase, I took a loan on the policy for $5000 they have been deducting 298.16 interest on this loan,I assumed the policy would go from 50,000 to 45,000, I feel they have taken advantage of me. I would not have bought this had I known of this increase. I am going to be 70 this june