The Independent Life Insurance Compaay Structured Settlement Payee Protection Policy, believed to be the first of its kind and covenants that:
In my opinion this is a good first step on the part of Independent Life Insurance Company, a recent and ambitious entrant to the structured settlement space. I am pleased to see another life insurance company get out in front of the factoring problem. Independent Life's Payee Protection Policy joins and builds on the leadership that Allstate, AIG/American General and Berkshire Hathaway have already started in this area. History has shown that the structured settlement secondary market has been unable to self regulate, with disastrous results for certain targeted and abused annuitants, often young adults or elderly Blacks, Hispanics and other minorities. some victimized for hundreds of thousands or millions of dollars.
Independent Life has set an excessive "in excess of Prime Plus 5% discount rate" bar for its flagging cases for review. Prime plus 5% is not acceptable. It is a lousy discount rate. There are people who tell you that it's not all about the rate, but it is when you could be talking about millions of dollars, or when you know that JG Wentworth has an incredibly low cost of money (recently was a purported 4%). The Cedric Thomas case, in October 2015, involved a young black man inveigled in a New York to Florida forum shop. shafted in an estimated $1.5 million profit spread to a Florida factoring company. Berkshire Hathaway offers a 6.5% in its Hardship Exchange Program and Allstate offered a 8% discount rate in its Advance Funding Exchange Program when it was operating. If the value of structured settlement payee protection with Independent Life is to be truly appreciated, then red flags need to go up at a much lower trigger point, in my opinion
Last updated May 2, 2024
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