Find out if you’re eligible for a settlement in a Sun Life class-action lawsuit

Sun Life Financial has reached a settlement relating to individual life insurance policies sold by Metropolitan Life Insurance of Canada (MetLife) in the 1980s and 1990s, which the insurance company inherited. The settlement, which is still subject to court approval, would result in up to $213.5 million to those who are eligible. Sun Life has allegedly been collecting charges and fees from policyholders stemming from various policies it now administers, which were originally sold by MetLife. Between 1992 and 1998 and during 1998 respectively, “Universal Flexiplus” and “Optimet” policies were offered to clients by MetLife, which Sun Life took over in 1998. It’s alleged that the policies had limits that may have been exceeded by Sun Life when administering them. Universal Plus policies were sold between 1987-1998 by MetLife and taken over by Sun Life in 1998. The class action against Sun Life started in 2010, by a group of people who’d bought the universal life insurance policies sold by MetLife of Canada between 1987 and 1998. If you bought Universal Plus, Flexiplus, or Optimet policies between 1987 and 1998, you are eligible to become a class-action member. Class action members from all provinces in Canada are included. The case’s liability or damages have not yet been determined, as there are many factors that will establish its outcome.

(Source：Bnn Bloomberg)