Court Approves $32.5M Settlement for Symetra Life Insurance Policyholders
Stueve Siegel Hanson LLP, alongside co-counsel Schirger Feierabend and Tousley Brain Stephens, recently secured final approval of a $32.5 million settlement with Symetra on behalf of a class of more than 40,000 current and former life insurance policyholders.
Approved by the U.S. District Court for the Western District of Washington, the settlement resolves allegations that Symetra improperly overcharged policyholders by using undisclosed factors to determine monthly cost of insurance (COI) charges.
The class includes "all current and former owners of one or more of the MasterPlan, Executive MasterPlan, MasterPlan Plus, Joint MasterPlan, and Juvenile MasterPlan Plus universal life insurance policies issued in Arizona, California, Florida, Illinois, Indiana, Kentucky, Minnesota, Missouri, South Carolina, Texas, and Washington that were in force on or after January 1, 2000."
Originally filed in 2021, the lawsuit alleged that Symetra’s COI rates were not based solely on sex, attained age, and rating class as specified in the policies, but instead used other, undisclosed factors to increase policyholders’ monthly charges — without lowering COI rates when expectations of future mortality improved, as the policies required.
In an article reporting the settlement’s approval, Law360 quoted Stueve Siegel Hanson attorney Ethan Lange and co-counsel John J. Schirger saying that “they ‘appreciated the court’s careful consideration of the settlement’ and that they were looking forward to getting benefits in the hands of class members.” Read the full Law360 article, available here (subscription may be required).
Stueve Siegel Hanson LLP and Schirger Feierabend LLC advocate for policy owners nationwide, prosecuting claims against life insurance companies for improper “Cost of Insurance” (COI) rate increases and overcharges in connection with policies that contain an investment, interest bearing, or savings component in addition to a death benefit.
If you received a notification letter from your insurance provider informing you of significant premium increases to maintain your policy, or believe you are being overcharged by your life insurance company, click here to learn more and contact our team.
