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A settlement has been reached in the years-long law suit over increases in non-guaranteed costs of insurance for universal life policy owners.

On October 4th Transamerica announced a $195 million settlement for increases announced in 2015 and 2016 that affects over 100,000 policy owners.

Ron Sussman, CEO of CPI Companies was an expert witness in the case and an advocate for policy owner rights.

Policy owners will receive payments credited to their cash value and a 5 year moratorium on any future rate increases.

More information to follow.

If you've ever asked your investment advisor for data on mutual funds or ETF's you know that there is a plethora of information available from a large number of sources. The source of the original purchase is irrelevant because the data is required by SEC and FINRA and is available through a simple internet search.

You can research any fund, manager, or investment company and easily find the performance and cost structure. This makes investing easy and accessible for any purchaser.

Now, try the same thing with your permanent life insurance policy. It is virtually impossible. Not only is there no repository of data, but the issuers go out their way to make sure you do not receive the informati...

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Auditing life insurance policies correctly requires obtaining a great deal of data from insurance carriers. Some carriers make it easy and are fairly cooperative, although they are in the minority.

Recently, we have inquired about policies from Mass Mutual, Northwestern Mutual, Guardian and Accordia, all of whom make the process of obtaining relevant policy data as difficult as possible.

This is an industry-wide problem with no solution in sight. Clients who wish to understand all of the nuances of the contracts they purchase must be willing to participate in calls with the carriers and be prepared to strongly insist that the data be produced in a timely manner.

Agents: You need to consider ...

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Securities and Investment Advisory Services offered through The Leaders Group, Inc. Securities Dealer, Member FINRA/SIPC; TLG Advisors, Inc. Registered Investment Advisor; 26 W Dry Creek Circle, Suite 800, Littleton CO 80120, (303) 797-9080. CPI Companies is not affiliated with The Leaders Group, Inc.