Pacific Life Insurance Company* has extended its lock in period to 12 months from 6 months in a move that will make it a bit easier to deal with intolerable delays associated with Surrogate Court approvals necessary on wrongful death cases. It will also be helpful on infant compromise cases.
Lock-ins with a purchase date of up to 6 months from the quote date will be completely free of lock-in fees.
Lock-ins with a purchase date greater than 6 months (up to 12 months) will be assessed at 10 basis points per month.
Some structured annuity issuers assess lock in fees after as little as 31 days, which hurt them competitively.
New York/ Connecticut area structured settlement expert John Darer explains structured settlement lock-ins in more detail in this video podcast featured on Legal Broadcast Network.
* In New York, Pacific Life Structured settlements issues structured settlement annuities throgh Pacific Life and Annuity Company