Pacific Life - Structured Settlements
Pacific Life is a life insurance company that organizes and disburses structured settlements and annuities in addition to the other products they offer, which includes life insurance, home insurance, auto insurance, and much more. Founded in 1868, Pacific Life is one of the oldest companies that we reviewed, and their length of operation is a solid indicator that they are a good choice when you need to arrange a structured settlement or annuity.
A structured settlement usually comes as the result of a court case or lawsuit that finds damages which must be compensated. In order to ensure that the claimant doesn't lost out because of bankruptcy or refusal to pay on the part of the defendant, courts require life insurance companies to be in charge of disbursing the funds from the structured settlement. This provides a confidence and surety that would not be found with other payment methods.
Life insurance companies like Pacific Life accept a payment from the defendant, usually lower than the amount that will be paid out over time. They then use that payment to make the structured settlement payment schedule, and generate interest on the lump sum paid to them while the structured settlement pays out. This covers the rest of the settlement payments while at the same time allowing the life insurance company to generate a profit from the interest.
Structured settlements are complicated agreements, so having a company with a lot of experience is an added bonus when comparing different structured settlement providers. Pacific Life shows this experience with the number and variety of different structured settlement options it offers in order to meet different kinds of needs that defendants and claimants might have. They have a free brochure which provides in depth information about their products as well as the structured settlement process in general. They explain how they are able to resolve thorny issues like attorney fees, and have multiple different ways to structure the payment to result in an optimal outcome for both defendants and claimants alike.
Having a life insurance company be responsible for structured settlement payments doesn't only protect the claimant, but also makes life easier for the defendant, as they no longer have to worry about making sure the payments are disbursed or being short on money at the time a payment is due. As a result, they are almost always preferred to a company self-insuring in cases of damages awarded from lawsuits and court cases. In addition to different payment schedules and systems, Pacific Life offers structured settlement packages that can provide benefits after the death of the claimant, and offer many riders that automatically alter or suspend the structured settlement if certain legal conditions are met which, in some states, remove liability to pay from the defendant.
Structured settlements are some of the most difficult legal arrangements to create and execute. Using a trusted structured settlement company like Pacific Life is a great way to ensure that your structured settlement situation is resolved as fast and efficiently as possible.