North American Company COI Settlement

What happened

North American Company for Life and Health Insurance allegedly imposed unlawful cost of insurance (COI) charges on owners of Classic Term UL I and II life insurance policies that were not based on the company's expectations as to future mortality experience, in breach of the policy contracts. The defendant denies these claims and asserts that COI rates were set in compliance with the contract.

Do you qualify?

All current and former owners of Classic Term UL I or II life insurance policies issued or insured by North American Company for Life and Health Insurance or its predecessors, during the Class Period (which begins on various dates between October 30, 2008 and October 30, 2015, depending on the state where the policy was issued, and continues through the date of final judgment).

What you can claim

Read from the official settlement notice.

• Accumulation Value Credit or Cash Payment

  Class members with active policies will receive an Accumulation Value Credit on their policy(ies), or a cash payment in the mail if their policy(ies) is terminated at the time of distribution.

Who is in the class

All current and former owners of Classic Term UL I or II issued or insured by North American Company for Life and Health Insurance, or its predecessors, during the Class Period.

Quoted from the settlement notice.

How to file

If you own or owned a qualifying Classic Term UL I or II policy, you do not need to file a claim to receive benefits. Active policyholders will automatically receive an Accumulation Value Credit on their policy(ies), and those with terminated policies at the time of distribution will receive a cash payment by mail. To exclude yourself or file an objection, you must act by October 30, 2023. Contact the Settlement Administrator at 1-844-633-0709 or info@COIclassaction-na.com for more information.