by John Darer® CLU ChFC MSSC RSP CLTC
Membership in the Society of Financial Service Professionals has its benefits, one of which is an outstanding group professional errors and omissions insurance plan. The plan offers settlement planning professionals much lower deductibles than typically available through structured settlement agencies, with defense costs outside of the policy limits. There are 3 tiers of coverage and premiums as low as under $600 for the 2014-2015 plan year.
While there is an exclusion 'based upon, arising out of or in any way involving the sale or servicing of any structured settlement" the policy goes on to say "provided, however, this exclusion shall not apply to a claim based upon or arising out of the selling or servicing of a Covered Product utilized to fund a structured settlement'.
Covered Products include annuities, so it appears that Treasury Funded structured settlements might not be covered. Other covered products suject to policy terms, include life insurance, other than Variable products (unless you go to Tier II or Tier III), accident and health insurance, DI, group plans for life/ health, LTD and expert witness testimony. Some settlement planners offer equity indexed annuities, which are listed among covered products in Tier II and Tier III.
For more than 86 years, the Society of Financial Service Professionals, a multidisciplinary network of credentialed financial professionals, has been an association leader in providing its members with the latest, most up to date professional resources and education that allows them to provide their clients with the most competent advice possible in helping them accomplish their financial goals. SFSP has approximately 15,000 members nationwide which gives members economies of scale for special member only insurance programs.
Society members can provide consumers expert assistance with: estate, retirement and financial planning; employee benefits; business and compensation planning; and life, health, disability, and
SFSP also sponsors a competitive voluntary group long term disability plan (LTD) for its members.
This is not intended as insurance advice. Always seek insurance advice from a qualified insurance professional.