KC Life Stays Losing $28.4 MILLION

Local biz people have probably already seen this headline but we think it's important just for context and a glimpse at another local biz fading . . .

Check-it . . .

A Jackson County jury awarded $28.4 million in damages to owners of universal life insurance products issued by Kansas City Life Insurance Co.

The jury ruled that Kansas City Life charged fees that exceeded the limits outlined in their contracts.

The response . . . 

"The Company believes the facts and the law do not support the jury's verdict and, while we respect the service of the jury, the Company will seek to overturn the verdict in post-trial motions with the Court. If the Court does not grant these motions, the Company intends to vigorously challenge the verdict through an appeal."

Read more via www.TonysKansasCity.com link . . .

Jury: Kansas City Life overcharged clients, must pay $28.4M - Kansas City Business Journal

The products in question involved universal life insurance policies that in addition to death benefits provided an interest-bearing component that accumulates value over time.