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A pending class action lawsuit website has been established for consumers who may be affected by the lawsuit filed against AXA Equitable Life Insurance Co. alleging that it applied an insurance rate increase to policies.
A class action lawsuit accused AXA Equitable Life Insurance Co. of slapping policyholders with an allegedly excessive insurance rate increase through misinformation.
AXA sold universal life policies under a line called Athena Universal Life II. Policyholders were told they were able to keep the Athena UL II insurance by paying a minimum amount of premiums, unlike other whole life policies, according to the class action lawsuit.
“This structure allows policyholders to minimize their capital investment and generate greater rates of return through other investments,” the complaint explained.”
AXA was also accused of garnering huge profits through the rate increase — about $500 million, according to the complaint. The plaintiffs say they and other affected Athena UL II policyholders were forced to either pay the exorbitant rate increases or surrender the premiums they had already paid.
The insurance company knew it would increase rates after it sold the Athena UL II policies but concealed this information from policyholders, the plaintiffs claim. The class action lawsuit accused AXA of breach of contract and of violating California and New York state laws.
In August 2020, a New York federal court agreed to certify proposed Classes in the litigation. Under the terms of certification, Class Members who do not exclude themselves will take part in the outcome of the class action lawsuit.
Several Classes have been certified by a federal court:
A Nationwide Class of consumers with Athena Universal Life II policies issued by AXA who were subjected to insurance rate increases by AXA around Oct. 1, 2015. Individuals must have owned the policy on or after March 8, 2016.
A New York Class of consumers with Athena Universal Life II policies issued by AXA without lapse protection issued after July 10, 2006, who were subjected to insurance rate increases by AXA around Oct. 15, 2015. Individuals must have owned the policy on or after March 8, 2016.
The plaintiffs said they and other policyholders were subjected to an unfair rate increase on certain Athena UL II policies by AXA starting in March 2016. Though AXA only increased rates on a subset of Athena UL II policies, the class action lawsuit contended the parameters of the policies affected were arbitrary, affecting only policyholders over 70, with face values over $1 million.
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39 thoughts onAXA Equitable Life Insurance Rate Increase Pending Class Action Website Is Live
In 2006 they said i took out a loan, i do not remember doing it.
They said i did but they don’t have any paperwork. They said at that time you could request that over the phone.
I had AXA through my employment until at age 55 it increased by about 30%. I cancelled it after a year or so because I was unaware until I called Human Resources at my company. She explained that it raised due to age and it would continue to raise. She said that it is cheaper on the open market than to go through this company with work.
add me
Please add me and my spouse. We both have AXA life insurance policies.
please add me
I had axa insurance the retirement program
AIG did that to my husband and my self. After years of paying in they raised the premium too high for us to pay. The hike in premium was age related.
AIG raised our term life policy, age related discrimination.
add me
Add me to the azaleas insurance
My client has an Equitable Athena policy. She has paid over $2.0 million in premiums for this $5.0 million face UL policy only to learn that because she was over 70 , AXA targeted her to raise her cost of insurance numbers. This has led to the policy scheduled to lapse next year while she is now 93.
We have a term life policy with AXA for 20 yeas., however in last few years they have increased our payment exceedingly. Nearly 400 a month for a 100,000.00 term policy. My husband is 72 years old. They tried to get my to go to 50,000 for they same premium. I would not do it. I do not want to jeopardize my in insurance pls. Notify me first pls