What is the Growth Grant Program?
The Independent Life Growth Grant Program is a collaborative effort between the structured settlement brokerage community, other key stakeholder entities whose professional members have a responsibility to structured settlement recipients, and Independent Life. Any of these structured settlement stakeholders may be considered for the grants if certain criteria are met. The intent of the program is for Independent Life to provide the funding necessary to create and implement positive, proactive programs to promote the benefits of a structured settlement to achieve growth in our industry.
What dollars are available?
Independent Life has committed to making up to $250,000 available to fund the program. An initial award, typically in the $5,000 to $10,000 range, will be made to each grant recipient selected by the Independent Life Growth Grant Review Committee. The grant may be larger if approved by the Committee. In addition, each grant recipient will enter into a publicity agreement with Independent Life that will enable Independent Life to publicize the award to generate growth ideas from others who may wish to apply for a grant.
We want Independent Life to be a key driver of growth in our industry for the benefit of all stakeholders, including all annuity providers who share our commitment for doing what is best for injured parties and their families. Correspondingly, we believe the success of this program will not only help grow Independent Life, but also provide an incentive for Independent Life to continue the Growth Grant Program to support existing grant recipients and those applying for new grants.
Who is eligible for a Growth Grant award?
The Independent Life Growth Grant Program is designed for professional associations, other entities, and individuals who are actively involved in resolving personal injury claims. Independent Life is built to support all parties in the resolution of a complex claim. Therefore, Independent Life will provide grants to both the plaintiff and defense sides of the resolution process, as well as other entities that promote the use of structured settlements.
How does one apply for a Growth Grant?
To apply for an Independent Life Growth Grant, a prospective participant must submit a completed Independent Life Grant application form and be sponsored by a structured settlement agency appointed by Independent Life. The Growth Grant Committee will promptly review each application. For each grant awarded, the Growth Grant Committee will provide the recipient(s) with a due diligence package including a legal review of the Grant Program plus a copy of the Publicity Agreement. Any additional questions will be addressed by an Independent Life Insurance Representative.
How must the grant awards be used?
Funds awarded from the Growth Grant Program must be used to promote the growth of the structured settlement market. It is up to each association, entity or individual to determine the best use of the grant program proceeds. Some suggested ideas for prospective applicants:
- Featured presentations at national and regional association conferences
- Case-specific regulatory rulings that expand the market
- Identification and development of structured settlement submarkets
Independent Life has created many presentations and continuing education courses that can be customized for any audience. Independent Life will also partner with individual professionals to provide additional knowledge and support for appropriate Growth Grant Program related educational events.
Will Independent Life manage or control the use of the grant award?
No. We may, however, ask for occasional reports from the sponsoring structured settlement agency to help us measure the success of the grant recipient’s efforts. With that information, we may consider awarding additional grant funds to continue effective programs.