Steele v. Security Benefit Life Insurance

The opinion of the court was delivered by

McFarland, J.:

Plaintiff-appellant Vernon L. Steele contends the district court erred in denying his motion for class action certification and in dismissing the case in its entirety. We do not agree.

In 1958, Steele purchased a $3,000 endowment insurance policy from defendant Security Benefit Life Insurance Company (hereinafter SBL). A like policy in the amount of $1,000 was purchased by Steele from SBL in 1966.

Each policy provided that upon default the policy owner had 60 days (90 days by company practice) to select one of three nonforfeiture provisions: