Sun Life Assurance Co. of Canada has proposed a $213.5 million class action settlement to resolve claims it charged excessive premiums on life insurance policies.
The Sun Life settlement benefits owners of Universal Plus, Flexiplus and Optimet life insurance policies sold by MetLife in Canada between 1987 and 1998.
According to the Sun Life premiums class action lawsuit, Sun Life charged excessive premiums on Universal Plus, Flexiplus and Optimet life insurance policies. Plaintiffs in the case argue that the policies should have a maximum allowable premium to avoid excessive premiums.
Sun Life is a financial services company that offers insurance, retirement and investment products.
Sun Life has not admitted any wrongdoing but reached a $213.5 million settlement “in principle” to resolve the life insurance class action lawsuit.
As the Sun Life settlement has only been reached “in principle,” details about settlement benefits are not yet available.
The deadline for exclusion and objection was Sept. 17, 2021 for all subclasses.
The final approval hearing and claim form deadline are not yet available. According to the Sun Life premiums class action lawsuit website, more information will be available on June 1, 2026.
Who’s Eligible
Universal Plus Class: Persons who owned or own a Universal Plus policy sold by MetLife in Canada between 1987 and 1998, including any successor owners of the policy.
Flexiplus Class: Persons who owned or own a Flexiplus policy sold by MetLife in Canada between 1987 and 1998, including any successor owners of the policy whose monthly costs of insurance and/or monthly administration fee was increased in one or more of 2001, 2006 or 2015 or the ninth year of the policy.
Optimet Class: Persons who owned or own an Optimet policy sold by MetLife in Canada between 1987 and 1998, including any successor owners of the policy where an increased cost of insurance rate was charged and paid commencing in year nine of the policy.
Potential Award
Varies
Proof of Purchase
N/A
Claim Form Deadline
N/A
Case Name
Fehr, et al. v. Sun Life Assurance Company of Canada, et al., Case No. CV-17-11758-00CP, in the Ontario Superior Court of Justice
Final Hearing
N/A
Settlement Website
Claims Administrator
CA2 Inc.
9 Prince Arthur Ave.
Toronto, ON M5R 1B2
[email protected]
416-349-6588
Class Counsel
Won J. Kim
KIM SPENCER MCPHEE BARRISTERS P.C.
Defense Counsel
N/A
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