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January 23, 2008

Symetra Doesn't Really Want To Be in The Structured Settlements Business Do They?

by Structured Settlement Watchdog

Excuse this very public and deserved "UP YOURS!", but Symetra Life Insurance Company can dump my appointment.  Please don't send any more software updates. And don't call me, I'll call you.

After reading the below linked solicitation on Rhonda Bentzen's web site, it's hard to imagine, in my opinion, how ANY legitimate structured settlement broker or settlement planner would want to be associated with the Symetra Life Insurance Company structured settlement program.

Download symetra_letter.pdf

Here's another one that I have obtained, which is slightly more aggressive.

Download symetra_letter_to_structured settlement annuitant david_walton_from_jessica_pritchard.pdf (1/27/08)

Every trial lawyer representing a tort victim in America should download and read the Symetra solicitation and understand what it means. Apparently Symetra Assigned Benefits Service Company  (SABSCO), the assignment company for structured settlements placed with Symetra Life Insurance Company is sending out a quarterly letter in form and substance to the above from Jesper Hansen. It's clear that if you place structured settlement business with Symetra that tort victims will be targeted. Can you believe Yespah's "I would like to answer any questions you may have about this type of exchange, and to explore whether receiving a lump sum payment would better suit the financial needs of your family"?

It's high time that structured settlement brokers, settlement planners, tort victim lawyers said "no more" to Symetra's business practice.

For those of you settlement planners who have recently made recommendations to tort victims that they place all or part of their structured settlements with Symetra what assurances do you have that they will not be targeted for this "service" ?

  • Having full knowledge of SABSCO's business practices, what responsibility do you bear if the tort victims are later solicited by Symetra Assigned Benefits Service Company?
  • Have you informed trial lawyers that their tort victim clients may be continuously solicited by SABSCO "to determine whether a lump sum would better suit their financial needs"?
  • What is your duty to disclose this material information and what are the penalties for failure to inform?(1/28/08)

Judges approving minor's settlements and other court approved settlements should be made aware that from all appearances ANY structured settlement placed with Symetra Life Insurance Company, where SABSCO is the qualified assignee, leaves their ward exposed to sequelae of this business practice. (1/28/08)

In my opinion the members of the NSSTA should be thankful that Symetra's shipwrecked structured settlement program is no longer part of the NSSTA. It is a pity that an organization which has such fine roots when it was called SAFECO, and it was actually rated A+ by AM Best, has plunged into the moral grunge.

What NSSTA member firm that is still contracted to Symetra believes that a contractual association with Symetra under these circumstances is good for business? Who else has the balls to make a statement here?

Here's my resignation letter to Symetra   Download jdd_protest_letter_to_kim_mcsheridan_symetra_01212008.pdf  Where's yours?

On February 4, 2008 this author received confirmation from Symetra Life Insurance Company of the termination of his appointments with it in accordance with his request. (02/05/2008)

Postscript: See Symetra Class Action Lawsuit 

Symetra Hit With Class Certification In Structured Settlement Lawsuit Over Affiliate Factoring Operation  August 11, 2022

Symetra Lawsuit Alleges Insurer Sabotaged and Unwound Structured Settlements for Profits at Annuitants' Expense  January 9, 2021

Last updated November 26, 2022

Posted at 12:53 AM in CT Structured Settlements, Judges Responsibility and Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, NH structured settlements, NJ Structured Settlements, North Carolina Structured Settlements, NSSTA, Philadelphia PA Structured Settlements, Settlement Advertising Wall of Shame, Soccer-But There's A Point To It, South Carolina Structured Settlements, Structured Settlement Factoring, Structured Settlement Transfers, Structured Settlement Watchdog®, Structured Settlements, Structured Settlements Arkansas, Structured Settlements Florida, Structured Settlements in California, Structured Settlements in Connecticut, Structured Settlements in Florida, Structured Settlements in Georgia, Structured Settlements in Maine, Structured Settlements in Maryland, Symetra Structured Settlements, TX structured settlements |

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