Litigators take Pacific Life to court
Litigators take Pacific Life to court | Insurance Business America
Life & Health
Litigators take Pacific Life to court
Lawsuit focused on one particular type of policy
Life & Health
By
Terry Gangcuangco
Vernon Litigation Group has initiated legal action against US life insurer Pacific Life Insurance Company on behalf of multiple clients.
The lawsuit is accusing Pacific Life of having misled policyholders when promoting and selling its indexed universal life insurance product called Pacific Discovery Xelerator IUL Policy.
According to the allegations, Pacific Life’s supposed “deceptive” practices, coupled with burdensome surrender terms that complicate policy cancellations, forced policyholders to incur hidden costs, diminishing the value of their policies.
Inviting impacted policyholders for case consultations, the financial litigators said: “If you or someone you know has been inappropriately pitched and sold significant amounts of life insurance, please contact Vernon Litigation Group.”
Meanwhile, according to Pacific Life’s website, its indexed universal life insurance products do not directly participate in any stock or equity investments. It also makes a clarification online that, as a product provider and not a fiduciary, the company does not give advice or make recommendations regarding insurance or investment products.
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