Did RiverSource or IDS Life Overcharge Your Universal Life Insurance Policy?
Some older RiverSource and IDS Life universal life insurance policies may limit how the company was allowed to calculate monthly cost-of-insurance charges.
If those charges were higher than allowed under the policy, policyholders may have lost cash value, paid higher premiums than necessary, or faced a greater risk that their policy could lapse.
We are reviewing older RiverSource / IDS Life universal life insurance policies to determine whether the policy language may support a claim for overcharges.
You May Qualify If
- You own or previously owned a RiverSource or IDS Life universal life insurance policy
- The policy was issued before 2008
- Your policy lost cash value, required higher premiums, or became difficult to keep active
- You can provide a copy of the actual policy document
A policy number alone is usually not enough. The actual policy language is needed to determine whether your policy qualifies.
Why This Matters
Universal life insurance policies usually build cash value over time. But monthly deductions, including cost-of-insurance charges, can reduce that value.
Some older policies state that cost-of-insurance rates will be determined based on the insurer’s expectations as to future mortality experience. If the insurer charged policyholders based on other factors, or charged more than the policy allowed, affected policyholders may have been overcharged. This can matter even if your policy is still active, was surrendered, or lapsed.
What We Are Looking For
We are reviewing policies that may include language similar to:
“Cost of insurance rates will be determined by us based on our expectations as to future mortality experience.”
If your policy contains this or similar wording, it may be worth reviewing. There is no cost to submit your policy for review.
Submit Your Policy for Review