Independent Insurance Group Announces Milestone Mark of $100 Million Sold in iStructure--The First Uncapped Index-linked Structured Settlement Annuity Linked to the Franklin BofA World Index™
Over $100 million in committed sales to date
JACKSONVILLE, Fla., Nov. 23, 2022 /PRNewswire/ -- Independent Insurance Group, LLC ("Independent Group") announced today that its life and annuity subsidiary, Independent Life Insurance Company ("Independent Life") crossed the milestone mark of $100 million in committed sales of iStructure, the first uncapped index-linked structured settlement annuity. Independent Life has secured the committed sales for the product predominantly from plaintiff settlement recoveries, attorney fee deferrals, and installment sales of real estate and businesses.
iStructure provides the opportunity for growth in payout amounts with the same flexibility and tax benefits of traditional structured settlements. Over 150 individuals have elected to use iStructure for future periodic payments, ranging from catastrophically injured minors to seasoned trial lawyers.
"I can't tell you how many times I have seen a quote request and thought, 'iStructure would be perfect for this case,''' said James Atkins, FSA, MAAA, Chief Executive Officer of Independent Life. "Having so many consumers, ranging from a minor's case approved by a judge to a long-duration attorney fee structure agree with that and choose iStructure is very satisfying. We are committed to continuing to improve the product and the Mosaic quoting software so that our distributors can offer the best solution to their clients and our payees," he added.
The underlying annuity contract is linked to the Franklin BofA World Index™, which is powered by the quantitative insights of Franklin Templeton and Bank of America. The volatility-controlled index is designed to capture long-term growth by systematically allocating to companies around the world with the potential for hih profitability. Learn more at www.FranklinBofAWorldIndex.com
"The adoption of iStructure in less than a year from our distribution partners is unlike anything ever seen for a new product in the settlement planning industry," said Christopher Bua, Senior Vice President of Sales for Independent Life. "The stories I continue to hear of how iStructure is changing the lives of the injured and providing more opportunities for settlement consultants to help their clients are both rewarding and humbling."
iStructure can be used for a variety of situations including personal injury cases, structured attorney fees, structured installment sales, taxable settlements, and NIL agreements. The benefits for clients include tax-free and tax-efficient income, the potential for increasing income, customizable payment options, market-downside protection, and protection against inflation.
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