Kansas City Business Journal Reports on Insurance Class Action
As the Business Journal reports:
“A Kansas City Life Co. client filed a class-action lawsuit accusing the life insurance provider of charging fees in excess of the limits outlined in its contract.
Plaintiff J. Gregory Sheldon bought a Flexible Premium Variable Life Insurance Contract Nonparticipating policy from Kansas City Life in December 2000. In addition to a death benefit, the policy provides an interest-bearing component that accumulates value over time.
The policy outlines the fees KC Life can charge to cover its management costs on the policy. However, the plaintiff argues that the company isn’t determining its costs based on ‘expectations as to future mortality experience,’ as the contract specifies, which causes rates to be higher than what is specifically authorized.”
Stueve Siegel Hanson and co-counsel firm Miller Schirger, LLC, have a track record of success advocating for life insurance policy owners. They recently obtained a federal judgment against another life insurance company for more than $34 million; all told, the two firms have recovered more than $2 billion in cash relief and death benefits for life insurance policy owners nationwide. To learn more, visit www.lifeinsuranceproblems.com or contact us at 888.816.2108.