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December 14, 2022 at 03:20 PM
A state court jury in Kansas City, Missouri, has awarded a $28.36 million verdict to the plaintiffs in a class-action case involving flexible-premium, adjustable universal life insurance policies.
The plaintiffs filed the suit have accused the issuer, Kansas City Life Insurance Company, of basing cost-of-insurance-charge increases on factors other than future mortality experience, in conflict with the policies’ cost-of-insurance provisions, over a period of about 30 years.
Patrick Stueve, the lead trial counsel for the plaintiffs, said the verdict will provide substantial relief for the class members. The verdict “is particularly gratifying in light of our efforts to try to resolve this case many times prior to trial,” he said.
Kansas City Life said it does not believe the facts or the law support the jury’s verdict.
“The company will seek to overturn the verdict in post-trial motions with the court,” the insurer said in a statement. “If the court does not grant these motions, the company intends to vigorously challenge the verdict through an appeal.”
