UPDATE: If you are a Northwestern Mutual Life Insurance Company policyholder who has questions or concerns about class actions in general, feel free to contact us to see if we can help. Call us at 601.366.1297 or submit your question/comment here. IF YOU HAVE QUESTIONS SPECIFIC TO THE NORTHWESTERN MUTUAL SETTLEMENT, PLEASE CLICK HERE.
Northwestern Mutual Life Insurance Company announced that it has settled a class action involving its marketing and sales of term life insurance. An article detailing the announcement is reprinted below.
Northwestern Mutual settles lawsuit
Associated Press
7:06 AM CST, November 13, 2008MILWAUKEE – Northwestern Mutual Life Insurance Co. has agreed to settle a class action lawsuit for up to $92 million.
The lawsuit accused Northwestern Mutual of failing to pay dividends on certain term life policies and using improper sales and marketing practices.
The lawsuit was filed four years ago by a customer in California who said the insurer’s sales materials misled him about whether dividends would be paid on term life and disability insurance.
Northwestern Mutual denies the lawsuit’s allegations. Company spokeswoman Jean Towell says they decided to settle to avoid “the uncertainty and expense of litigation.”
The proposed settlement covers about 1.3 million current and 1.6 million former policy owners who purchased term life or disability coverage since 1981.
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{ 2 comments… read them below or add one }
Could you tell me if I am going to get some sort of settlement money
as my husband and myself have this company for life insurance
Hi Ms. Marshall. Thanks for your comment. I am not one of the lawyers in the Northwestern Mutual settlement. I just reported on it because I handle class action cases. You can find more about the settlement by clicking here.