by John Darer CLU ChFC MSSC RSP CLTC
Pacific Life Insurance Company* has extended its structureds settlement lock in period to 12 months in a move that will make it a bit easier to deal with intolerable delays associated with
- Surrogate Court approvals necessary in New York wrongful death cases as a whole, where the Defendant or insurer will not prefund the structured settlement;
- Infant Compomise cases in New York State Supreme Court, where the Defendant or insurer will not prefund the structured settlement.
Highlights of Pacific Life's new 12 month lock in Extension
- 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 60 days, which hurts them competitively.
4structures' John Darer reviews structured settlement lock-ins in more detail in this video podcast featured on Legal Broadcast Network. John Darer is a structured settlement expert based in the New York City metropolitan area with insurance licenses in 44 states and DC.
Read more of what You Need to Know About Structured Settlement Quotes HERE
* In New York, Pacific Life Structured settlements issues structured settlement annuities through Pacific Life and Annuity Company
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