Pacific Life Launches Payout Plus for Structured Settlement Flexibility

Pacific Life has introduced Payout Plus, a new benefit option for structured settlement annuities. This initiative brings flexibility to settlement planning by integrating an index-based design, allowing for payments that potentially exceed the guaranteed baseline. Such enhancements aim to bolster clients' financial planning strategies effectively.

According to Geoffrey Kissel, vice president of structured settlements at Pacific Life, Payout Plus is designed to offer financial flexibility while maintaining stable income guarantees. Specifically tailored for recipients of personal injury or workers' compensation settlements, it also applies to structuring attorney fees, thus providing broader financial options.

Kevin Kennedy, senior vice president and chief sales and marketing officer at Pacific Life, highlights the company's commitment to financial resilience through innovation. Payout Plus encourages claimants and consultants to explore new structured settlement strategies, underscoring Pacific Life's position as a long-standing insurance provider for nearly 160 years. Operating as a Fortune 500 entity in Newport Beach, California, the company offers diverse financial products to secure individual and business futures.

While Payout Plus offers greater financial flexibility, it delivers a lower baseline payment than traditional structured settlement annuities. The benefit amount can vary depending on the annuity type and duration selected. Importantly, Payout Plus is not a security or a direct stock market instrument and is unavailable for purchase in New York. Transactions must be conducted by licensed insurance agents, with guarantees based on Pacific Life's financial strength and claims-paying capacity.

Insurance professionals interested in Payout Plus should consult independent tax advisors to navigate specific client circumstances efficiently. As coverage and product availability may vary by state, professionals should stay informed about the regulatory landscape. For further inquiries, media contact Jesse Page is available at Pacific Life.