If you own or owned a Form ULX or Form ULXP universal life (“UL”) insurance policy issued by Brighthouse (or were identified as the legal representative of such an owner), a class action may affect your rights.
This website explains that a court certified a class action lawsuit known as Martin v. Brighthouse Life Insurance Company, Case No. 1:21-cv-02923 and is pending in the United States District Court for the Southern District of New York against Brighthouse Life Insurance Company (“Brighthouse”) or (“Defendant”). The lawsuit alleges Brighthouse failed to decrease cost of insurance (“COI”) rates despite improved mortality expectations and reduced expenses. The lawsuit alleges that Brighthouse should have, but did not, lower the COI rates that Brighthouse charged policyholders.
The Court “certified” a class of certain policyholders defined as:
All persons who own or owned a UL insurance policy with the product codes ULX or ULXP in any of the 50 states, Puerto Rico or any United States territory issued and/or currently administered by Brighthouse Life Insurance Company that contains the following language: “We will base these [cost of insurance] rates only on our future outlook for mortality and expenses.”
The Court has not decided who is right or wrong. There is no money available now, and no guarantee there will be. However, if you are a member of the class described above, your legal rights are affected, and you have a choice to make now.