Consumer Claims Jackson National Life Insurance Company Breached Contract

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Jackson National Life Insurance Company is facing a proposed class action filed by a California consumer who claims the defendant broke its contractual duties to its life insurance policyholders by adding undisclosed charges to the monthly fees deducted from their accumulated funds. The case explains that the plaintiff purchased an insurance policy from the defendant that allowed for an “accumulation value” made up of money kept in the defendant’s trust. The policy allegedly permits the defendant to deduct monthly charges from the accumulation value made up of, among other factors, the cost of insurance. The suit alleges that the defendant improperly calculates the cost of insurance using inflated values that “substantially exceed” the amounts authorized by the plaintiff’s policy and therefore breaches its contract.