PHL Variable Life COI Settlement
Pro-rata distribution based on each class member's COI overcharges divided by total overcharges damages
What happened
PHL Variable Insurance Company issued letters starting in August 2017 announcing cost of insurance (COI) rate increases for certain Phoenix Accumulator Universal Life (PAUL) and Phoenix Estate Legacy (PEL) policies. Plaintiffs allege these COI rate increases violated the terms of policyholders' contracts. PHL denies the claims but agreed to settle to avoid litigation costs and delays.
Do you qualify?
All owners of PAUL or PEL policies issued by PHL Variable that experienced a COI rate increase between November 5, 2017 and the monthly deduction immediately preceding the policy's first policy anniversary date falling on or after January 1, 2021.
How to file
Class members do not need to file a claim to receive benefits; eligible members will automatically receive a payment by mail. For more information, contact the Settlement Administrator at 1-877-871-0905 or visit the settlement website.
Common questions
- How much does the PHL Variable Life COI Settlement pay?
- Estimated payout: Pro-rata distribution based on each class member's COI overcharges divided by total overcharges damages. The total settlement fund is $18.5M. Actual amounts depend on how many valid claims are filed — most settlements divide a fixed fund pro rata, so a higher claim rate means a smaller individual check. An "up to" figure is a cap, not a guarantee.
- Is the PHL Variable Life COI Settlement notice real, or a scam?
- JND Legal Administration is the settlement administrator for this case. Claims are filed at phlcoisettlement.com. Filing a class action claim is always free — no legitimate settlement charges you to claim, and no administrator will ask for payment, a gift card, or your full Social Security number by email or text. If a notice asks for any of those, it is not from the administrator. When in doubt, ignore the link you were sent and go to the official settlement website directly.
- How long until I get paid from the PHL Variable Life COI Settlement?
- Class action payouts typically take 12 to 24 months after the claim deadline, and longer if the settlement is appealed. The final approval hearing for this case is set for December 19, 2023; no payments can be issued before a settlement receives final approval.
- What happens if I do nothing?
- You receive no payment, and in most class actions you also give up the right to sue PHL Variable Insurance Company separately over these same claims. To keep that right you must opt out (exclude yourself) by October 23, 2023.
New to class actions?
This summary was generated from public settlement documents and may contain errors. Confirm eligibility, deadlines, and payment terms on the official settlement website before filing. ClaimWatch is not a law firm and this is not legal advice. Filing a claim is free.
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