Update June 2, 2026

We are pleased to announce that an agreement in principle has been reached to settle this class action. The total value of the proposed settlement is $213.5 million. Under the proposed settlement, direct monetary compensation will be provided to certain current and former Flexiplus policyholders for a portion of past Cost of Insurance (“COI”) and Administrative Fee increases. Direct monetary compensation will also be provided to certain current and former Universal Plus policyholders for a portion of the COI charges paid in excess of the “Maximum Premium” amounts set out in their policies. In addition, the Settlement provides COI rate and administrative fee freezes for current Flexiplus policyholders, and a cap on future COI charges for current Universal Plus policyholders. OptiMet policyholders will not receive benefits under the Settlement. The proposed settlement includes payment of administration expenses, and Class Counsel will apply to the Court for approval of certain legal fees and disbursements to be paid out of that sum.

The settlement approval hearing has been scheduled for September 8, 2026 at 2 pm. A copy of the long form Notice of Settlement Approval Hearing will be posted here shortly.

Please note we are not accepting phone calls at this time while we transition to a new phone service. You can reach us via email at SunLifeClassAction@complexlaw.ca