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EquiTrust Hit With Suit Over Unauthorized Payout Fees

Law360 (February 15, 2018, 8:39 PM EST) -- EquiTrust Life Insurance Co. was hit with a putative class action in Florida federal court Wednesday by two policyholders who claim the company charges fees that aren't authorized in policy provisions when customers surrender or redeem their life insurance policies.

EquiTrust's policies state that it will deduct a “cost of insurance” and a “policy expense charge” annually on the policy anniversary date, but the company also deducts these fees when paying a policy by surrender or death, even though the policy will no longer be in effect, according...
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Case Information

Case Title

Albert et al v. EquiTrust Life Insurance Company


Case Number

1:18-cv-20584

Court

Florida Southern

Nature of Suit

Insurance

Judge

Ursula Ungaro

Date Filed

February 14, 2018

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