IMPORTANT UPDATE: On September 15, 2023, the Court granted final approval of the Settlement. It was not required for Class Members to attend the Fairness Hearing. For more information, please review the Final Judgment.

What is this lawsuit about?

Plaintiff alleges that Defendant Security Life of Denver Insurance Company (“Security Life”) breached its contracts with Strategic Accumulator Universal Life (“SAUL”) policy owners. in September 2015, Security Life announced that SAUL insurance policies would be subject to a cost of insurance (“COI”) rate scale increase. Plaintiff asserts the COI rate increase violated the terms of the policy holders’ contracts, and that Plaintiff and members of the Class have been damaged as a result. Security Life denies Plaintiff’s claims and asserts multiple defenses. The Court has not decided who is right or wrong. Instead, both sides have agreed to the Settlement to avoid risks, costs, and delays of further litigation.

How do I know if I am part of the Settlement Class?

You are a Class Member if you own or owned a SAUL policy subjected to Security Life’s COI rate increase announced in September 2015. Excluded from the Class are those who have previously opted out of the certified class; owners whose policies were issued in Alaska, Arkansas, New Mexico, Virginia, and Washington; and Security Life, its officers and directors, members of their immediate families, and their heirs, successors, or assigns. Your legal rights are affected whether or not you act.

What does the Settlement provide?

A Settlement Fund of $30 million will be established for Class Members. After payment of the cost to administer the Settlement Fund as well as attorneys’ fees and expenses and the payments to the Class Representative (see FAQ 14), the Settlement Administrator will distribute the remaining amounts to Class Members in proportion to their share of the overall COI overcharges collected from the Class through December 30, 2022, with a minimum cash payment to each Class Member of $100.00. No portion of the Settlement Fund will be returned to Security Life. For more information please see FAQ 10.