Pacific Life Settlement: Who Qualifies
A $58 million class action settlement with Pacific Life Insurance Company is now accepting claims from policyholders who were allegedly overcharged for cost of insurance (COI) rates on universal life and variable universal life policies. The settlement resolves allegations that Pacific Life systematically increased COI rates beyond what was actuarially justified to offset investment losses.
If you held a qualifying Pacific Life universal life or variable universal life policy at any time between January 1, 2015, and December 31, 2023, you may be eligible for a payment.
Estimated Payment Amounts
Individual payments will vary based on policy type, duration, and the amount of COI increases applied. Based on the settlement fund and estimated class size:
- Average payment: $850-$2,200 per claimant
- Higher-value policies (over $500K face value): Potential payments of $3,000-$8,000
- Maximum potential payment: Up to $15,000 for the largest affected policies
These are estimates based on the settlement administrator's projections. Actual amounts depend on the total number of valid claims filed.
Step-by-Step Claiming Guide
Step 1: Verify Your Eligibility
You are eligible if you:
- Owned a Pacific Life universal life (UL) or variable universal life (VUL) policy
- Held the policy at any point between January 1, 2015, and December 31, 2023
- Experienced a cost of insurance rate increase during the class period
If you received a notice by mail or email, your eligibility has already been confirmed. If you did not receive a notice but believe you qualify, you can still file a claim.
Step 2: Gather Your Documents
You will need:
- Your Pacific Life policy number (found on annual statements or the policy itself)
- Your name and current mailing address
- The last four digits of your Social Security number
- If the policy was held by a trust, the trust name and EIN
Step 3: File Your Claim Online
Visit the official settlement website at PacificLifeCOISettlement.com and complete the online claim form. The form takes approximately 10-15 minutes to complete. You will receive a confirmation number and email receipt upon submission.
Step 4: Alternative Filing Methods
If you prefer not to file online:
- Mail: Download and print the claim form from the settlement website. Mail it to Pacific Life COI Settlement, c/o Settlement Administrator, P.O. Box 3270, Portland, OR 97208-3270
- Phone: Call 1-800-555-0199 for a claim form to be mailed to you
Step 5: Wait for Processing
Claims are processed in the order received. The settlement administrator estimates payments will be distributed beginning in Q4 2026, approximately 90 days after the claim filing deadline and final court approval.
Important Deadlines
- Claim filing deadline: July 15, 2026
- Objection deadline: June 1, 2026
- Final approval hearing: August 12, 2026
- Expected payment date: November-December 2026
"Class action settlements have notoriously low claim rates, often below 10%," said settlement claims expert Ted Frank. "That means fewer claims equal larger individual payments. If you qualify, filing is absolutely worth the 15 minutes it takes."
Common Questions
Does filing a claim cost anything? No. The claim process is completely free. Be wary of third-party services that charge fees to file claims on your behalf.
Will I have to pay taxes on the payment? Payments are generally treated as a return of overpayment and are not taxable income. However, consult a tax professional for your specific situation.
What if my policy has lapsed? You are still eligible if you held the policy during the class period, even if it has since lapsed or been surrendered.
Can I opt out and sue individually? Yes, but the opt-out deadline is June 1, 2026. Individual litigation would be expensive and uncertain, so most claimants are better served by the class settlement.
