On March 23, 2017, a nationwide policyholder class was certified against John Hancock Life Insurance Company. The life insurance product at issue is John Hancock’s Flex V Premium Variable Whole Life Insurance Policy.
Plaintiff alleges that John Hancock overcharged policyholders through cost of insurance and administrative charges within the policies, and failed to reduce insurance charges despite improving expectations of future mortality.
The case is Larson, et al., vs. John Hancock Life Insurance Company, et al. and is pending in the Superior Court of the State of California for the County of Alameda. The plaintiffs are represented by Miller Schirger and Stueve Siegel Hanson. A copy of Judge Brad Seligman’s Order granting class certification can be read <here>.
Miller Schirger has a successful record prosecuting class action cases alleging policy overcharges against the life insurance industry. In March 2016, an Indiana Court granted approval of a $2.25 billion settlement of a class action against The Lincoln National Life Insurance Company over alleged policy overcharges. Lincoln National agreed to settle the case by, among other things, issuing term life insurance certificates to a settlement class consisting of approximately 77,000 policy owners across 30 states. The term life insurance certificates had a total face amount of death benefits estimated at $2.25 billion, with a market value of approximately $171.8 million. For more information, <click here>.