$32.5M Symetra Settlement Ends Lawsuit Over Allegedly Unlawful Cost of Insurance Policy Deductions

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A $32.5 million settlement has been reached to resolve a class action lawsuit that claimed Symetra Life Insurance Company made improper deductions from the cash values of customers’ policies.

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The Symetra class action settlement, which received final approval from the court on May 19, 2025, covers all current and former owners of a MasterPlan, Executive MasterPlan, MasterPlan Plus, Joint MasterPlan Plus or Juvenile MasterPlan Plus universal life insurance policy issued in Arizona, California, Florida, Illinois, Indiana, Kentucky, Minnesota, Missouri, South Carolina, Texas or Washington by American States Life Insurance Company that was administered by Symetra or its predecessors and in force on or after January 1, 2000.

According to the deal’s official website, ASLCOISettlement.com, approximately 43,000 MasterPlan-series policies have been issued.

Related Reading: Symetra Deducted Unlawful Amounts from Life Insurance Policies’ Cash Values, Class Action Alleges

Eligible class members do not have to do anything to receive a share of the settlement fund, the site states. Consumers will automatically be sent a Symetra settlement payment within 30 days after the final approval process is officially completed, according to the website. Court documents state that the settlement will become final after any appeals are resolved or, if no appeals are filed, after the appeal deadline has passed.

An update regarding the status of Symetra settlement checks will be posted on the website “before the end of July,” the site says.

Per the settlement agreement, individual payout amounts will be determined based on an allocation plan designed to provide consumers with a pro-rated share of the settlement fund in proportion to the amount of cost of insurance (COI) charges they paid.

“There will also be a minimum cash payment and more paid where a Settlement Class Member’s Policy is still in force,” court documents relay.

The Symetra class action lawsuit alleged that the company deducted charges for policyholders’ monthly COI in excess of the amounts permitted by each policy, harming consumers and breaching the terms of their life insurance policies.

Did you know that some class action settlements require no proof to submit a claim? Check out the latest open class action settlements.