by John Darer® CLU ChFC CSSC RSP
Pacific Life and Annuity Company has announced that it is eliminating structured settlement lock in fees on all cases, effective immediately. Cases that are funded beyond the anticipated lock in date will be able to maintain the same cost provided the benefit dates are moved an equal number of days to the delayed funding. * note funding must occur within 6 months of the lock in
The underwriting concession makes it easier to place structured settlements in a shifting interest rate environment where:
- One or more court approvals, or CMS approval, is/are required and the defendant is hesitant to pre-fund the structured settlement.
- Cases which involve statutory funding delays exist, such as City of New York or the New York State Liquidation Bureau.
- Cases where one cannot pinpoint the exact funding date on the date of settlement due to conditions precedent to funds being released
Pacific Life and Annuity writes structured settlement annuity business is all states, including New York. [ Note that after this post was published Pacific Life Insurance Company became the structured settlement annuity issuing company for cases outside of New York, with Pacific Life and Annuity Company handling the New York structured settlement "beat".]
Thank you Pacific Life and Annuity
Learn more about structured settlement rate lock ins.