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This settlement is closed!
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John Hancock will pay over $123 million as part of a class action lawsuit settlement to resolve claims it unlawfully increased premium payments on life insurance policies.
The settlement benefits current and former owners of any universal life insurance policy from John Hancock that was subject to a cost of insurance price increase.
The settlement Class excludes policies involved in other legal action or policies that have already reached a settlement with John Hancock.
John Hancock is a life insurance company that offers term, universal life, variable universal life, and other insurance products. According to the company’s website, John Hancock touts over 150 years of experience and some of the highest financial ratings in the industry.
Despite these accolades, John Hancock faced outrage and censor from its customers in a class action lawsuit.
According to the plaintiffs, John Hancock raised the cost of insurance rates on certain policies in 2018 and 2019 despite the terms of the policies. The policies allegedly affected by these increases were Performance Universal Life policies which, unlike other life insurance policies, involve variable premium payments which change in order to cover the cost of insurance charges. These terms allow the policies to maintain peak performance.
According to the class action lawsuit, John Hancock took advantage of these terms in order to raise premiums and boost its own profitability.
The policyholders also contend that the insurance company misrepresented the performance of its policies.
John Hancock hasn’t admitted any wrongdoing but agreed to resolve these allegations with a $123 million settlement.
Under the terms of the settlement, Class Members can recover a cash payment. According to the settlement agreement, payments will be at least $100 but will likely be for “a much greater amount.” Exact payment amounts will vary depending on the number of Class Members who participate in the settlement.
The John Hancock class action settlement also includes non-monetary relief. Under the terms of the deal, John Hancock promises to not raise cost of insurance rates for five years after settlement approval. The company will extend this cost of insurance rate freeze if it agrees to a longer freeze for any policy excluded from the settlement.
Additionally, John Hancock will not cancel, void, rescind, or deny a death claim based on a lack of insurance interest or any policy misrepresentations.
The deadline for exclusion and objection in the John Hancock cost of insurance settlement is March 29, 2022.
The final approval hearing is scheduled for May 17, 2022.
No claim form is required to benefit from the settlement. Class Members who do not exclude themselves will automatically receive settlement payments and other benefits.
Who’s Eligible
The settlement benefits current and former owners of any universal life insurance policy from John Hancock that was subject to a cost of insurance price increase.
Potential Award
TBD
Proof of Purchase
No proof of purchase applicable
Exclusion Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Exclusion Deadline
03/28/2022
Case Name
Jeffrey Leonard v. John Hancock Life Insurance Company of New York, Case No. 18-CV-4994 (AKH), in the U.S. District Court for the Southern District of New York
Final Hearing
05/17/2022
Settlement Website
Claims Administrator
Hancock COI Settlement
c/o JND legal Administration
P.O. Box 91398
Seattle, WA 98111
info@HancockCOISettlement.com
877-389-2130
Class Counsel
Steven G. Sklaver
Seth Ard
Ryan Kirkpatrick
Glenn Bridgman
Zachary B. Savage
Ari Ruben
Amy Gregory
SUSMAN GODFREY LLP
Defense Counsel
Motty Shulman
FRIED FRANK HARRIS SHRIVER & JACOBSON LLP
Andrea J. Robinson
Robert K. Smith
Timothy J. Perla
WILMER CUTLER PICKERING HALE AND DORR LLP
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