Posts tagged #legal

Pacific Life Offering Structured Settlement Brokers Possible Incentives

Annuity provider Pacific Life may have been offering structured settlement brokers lavish vacations as possible incentives, reveals a report from Yahoo Finance.

According to the report, Pacific Life has been offering certain brokers luxurious trips to places like Bora Bora to learn how to ‘exchange ideas.’ Industry insiders tell Yahoo Finance perks, like luxurious trips, may unduly incentivize brokers to favor Pacific Life products over others and as such are considered a questionable practice by some regulators and financial industry watch dogs.

There is reportedly a trip planned for the Four Seasons Resort in the Maldives for 2018. Pacific Life is the only major settlement industry provider to offer trips like these to brokers.

Structured settlements consultant Mark Wahlstrom said incentives, which were once popular in the industry, are now uncommon. Wahlstrom said he feels it is an unwise practice since structured settlements deal with injury victims and ‘nothing should interfere with that decision process other than the best company at the best price.'

Pacific Life declined to comment.

Posted on February 27, 2018 .

Month long series on structured legal fees

This month on Speaking of Settlements, I will be doing a review of each of the life insurance companies that underwrite or offer structured legal fees, or structured attorney fees. The review will cover the following life insurance markets:

  • American General
  • Symetra Life
  • Liberty Life
  • New York Life
  • Prudential Insurance
  • Met Life
  • Pacific Life
  • John Hancock
  • Allstate Financial

As most structured settlement brokers or planners know, each company has it's own unique underwriting standards, types of business they write, beneficiary options, etc. It is important for lawyers, tax planners and others to be aware that not all legal fee structures are created equal and that the selection of working with a qualified structured settlement expert is essential.

This is a short edition of Speaking of Settlements, primarily to let people know to watch for our month long series on structured legal fees. This is crucial information heading into tax season and particularly as trial lawyers work to rebuild depleted or decimated retirement programs.