Lincoln National life insurance class action settlement is approved

An Indiana court has given final approval to a $2.25 billion life insurance class action settlement that covers about 3,000 residents of Missouri and Kansas.

The settlement involves 77,000 policyholders of Lincoln National Life in 30 states, said attorneys for the consumers.

Policyholders will receive term life insurance certificates with death benefits of $2.25 billion and a market value of $171.8 million, according to the Miller Schirger LLC and Stueve Siegel Hanson LLP law firms in Kansas City.

The lawsuit, filed in June 2009, had alleged “cost of insurance” and other policy overcharges in variable universal life insurance policies administered by Lincoln National, the attorneys said. The company denied liability or wrongdoing in the case.

A website has been set up to help those with the policies with their claims in Bezich v. The Lincoln National Life Insurance Co. settlement.

This story was originally published March 29, 2016 at 10:39 AM.