Vernon Litigation Group has initiated legal action against US life insurer Pacific Life Insurance Company on behalf of multiple clients.
The lawsuit is accusing Pacific Life of having misled policyholders when promoting and selling its indexed universal life insurance product called Pacific Discovery Xelerator IUL Policy.
According to the allegations, Pacific Life’s supposed “deceptive” practices, coupled with burdensome surrender terms that complicate policy cancellations, forced policyholders to incur hidden costs, diminishing the value of their policies.
The complaint claims that PDX policies are “virtually impossible” for consumers to comprehend, alleging further that Pacific Life exploited the intricate nature of the product to secure an unfair advantage through deception.
Meanwhile, according to Pacific Life’s website, its indexed universal life insurance products do not directly participate in any stock or equity investments. It also makes a clarification online that, as a product provider and not a fiduciary, the company does not give advice or make recommendations regarding insurance or investment products.
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